alifomi 
 
 gional 
 
 3ility

 
 l:^. 
 
 3/f
 
 EVERY MAN 
 
 HIS OWN 
 
 broker: 
 
 O R, 
 
 A Guide to Exchange-Alley. 
 
 IN WHICH 
 
 The Nature of the feveral Funds, vulgarly called the 
 Stocks, is clearly explained, and accurate Com- 
 putations are formed of the Average Value of 
 East India Stock for feveral Years, from the 
 current Year. 
 
 The Myilery and Iniquity of Stock- Jo being is laid 
 before the Public, in a New and Impartial Light. 
 
 The Method of Transferring Stock, and of Buying and felling the 
 feveral Government Securities, without the Afliilance of a 
 Broker, is made intelligible to the lueanefl Capacity ; and an 
 Account is given of the Laws in force relative to Brokers, 
 Clerks at the Bank, &c. With DireAions how to avoid the 
 l.offfi that are frequently fuftained by the DellrucSlion of Bank 
 Notes, India Bonds, &c. by Fire, and other Accidents. 
 
 ALSO, 
 
 An Hiflorlcal Account of the Origin, Progrefs, and prefent State 
 cf Public Credit, of the National Debt, both Princip.^l 
 and Interest, of Banking, and of the Sikkin'g-Fund ; 
 with Advice to Adventurers in the State-Lctteries. 
 
 To which is added, 
 A SUPPLEMENT, containing Rules for forming a Judgment of 
 the real Caufes of the Rife or Fall of the Stocks ; and feveral 
 xifeful Tables. 
 
 !^Lcl faciu7it leges, ubi fola pecunia regnat. 
 
 The TENTH EDITION, confiderably Improved 
 
 By THOMAS MORTIMER, Elq. 
 
 Author of the Elements of Commerce, Politics, and Finances. 
 
 LONDON 
 
 Printed for G. G. J. and J. R o b i n s^o n, 
 Pater-noller-Row. 1785.
 
 
 
 v;)\^>^ 
 
 
 PRE 
 
 C. E 
 
 'T^niE Author of tlils little : I. • 
 A. nual, thinks he .cannot open 
 his Preflice to a new edition inoreipro- 
 perly, than by making his grateful 
 acknowledgements for the univerfal, 
 continued approbation it has met with, 
 not only from his own countrymen, 
 hut from the inhabitants of neigh- 
 bouring kingdoms, w^hcre it has been 
 tranflated into different languages. 
 
 At liome, it has paPfed through 
 
 Nine editions, and its character has 
 
 been fo firmly eftablifhed, that it has 
 
 been quoted by counfel at the bar^ in 
 
 A 2 
 
 221SS43
 
 iv PREFACE. 
 
 cafes relative to the funds, and has 
 been referred to, as an laiqueftion- 
 able authority, by the brighteft lumi- 
 nary of the law on the bench. 
 
 Its general utility has been experi- 
 enced, in the courfe of twenty^ three 
 years, by all perfons interefted in the 
 public funds, and it has been ac- 
 knowledged even by many fenfible, 
 candid Stock Brokers, menofun- 
 blemiflied reputation, to be the fole 
 clieck, publicly given, to the igno- 
 minious pradices of the difhoneft 
 part of the fraternity, who fubfift en- 
 tirely on the knavifti tricks carried on 
 in the flock-jobbing tranfadions of 
 the Alley; which are amply expofed, 
 and againft which the public are 
 ftrongly cautioned in this treatife. 
 
 The changes that have happened in 
 the (late of the public funds : the dif-
 
 PREFACE. Y 
 
 fcrent circumftances of the nation ; the 
 fiu£luations of pubHc and private cre- 
 dit : the mal-adminiftration of the great 
 commercial concerns of the East In- 
 dia Company, and diverfe other ad- 
 ventitious events, have always given 
 the author a fair opportunity to make 
 confiderable alterations and improve- 
 ments, in every new edition he has 
 prefented to the public fince the year 
 1761, when the firft appeared: it was 
 then only a rough flcetch, in which the 
 outlines of a more finifned piece were 
 given ; but, as it was natural to expe(3;, 
 that the bare defign of expofing the 
 iniquities of profefled Stock-jobbers 
 would excite every invedive that ma- 
 lice, avarice, and difappointment could 
 fuggeft,it was very candidly fent forth 
 into the world an anonymous publica- 
 tion ; that its enemies might have the 
 
 A 3
 
 vi P R E F A C P:. 
 
 field: open for reprifals, and be at li- 
 berty fully to controvert the truth of 
 every proportion contained in it, with- 
 out expofing themfelves to difagree- 
 able perfonal altercations with the au- 
 thor (a circumftance which has dil- 
 graced feme of our beft criticifms.) 
 
 His fuccefs, how^ever, exceeded his 
 moft fanguine hopes; no marks of dif- 
 approbation or cenfure appeared, ei- 
 ther publicly or privately ; but, on the 
 contrary, feveral letters were inferted 
 in the news-papers, and many others 
 were received by the publifher, com- 
 mending and encouraging the under- 
 taking 3 corroborating fads which be- 
 fore refted on his fingle evidence, and 
 throwing new lights on the fubjed : 
 this correipondence v;as thankfully ac- 
 knowledged ; and fome of the letters 
 were inferted in former editions, but 
 0.
 
 PREFACE. vii 
 
 they are now laid a fide, left it fliauld 
 be thought to favour more of ofteata- 
 tion than utihty, to reprint them. 
 
 The beft return the author can 
 make to the pubhc for the fatisfadioa 
 lie has had of feeing his performance 
 fo generally circulated and fo univer- 
 faily efleemed, is to render the pre- 
 fent edition as perfedt as podible j 
 and, in order to accomplifh this, he 
 has fparcd no pains, having diligently 
 attended to, and accurately noted the 
 feveral variations that have occurred 
 in the ftate of the public funds : 
 the operations of government refpect- 
 ing the national debt, and the admi- 
 niftration of the public revenues, fince 
 the year 1782, the date of the laft 
 edition. 
 
 But above all, he has had a watch- 
 ful eye over the conduft of the affairi 
 . A d.
 
 Tlii P R E F x\ C E. 
 
 of the Eaft India Company, and he is 
 forry to obferve, that, by the mal-ad- 
 minlftration of them, his obfervations 
 in every edition of this work, concern- 
 ing the uncertainty of the premium on 
 India Stock, have been fully verified. 
 
 In the year 1766, the infatuation of 
 thofe who gamed deeply, or were 
 otherwife largely interefted in India 
 Stock was fo great, that the author 
 was expofed to the ridicule of a nu- 
 merous company of refpedable gen- 
 tlemen at a public dinner in the city, 
 for aflerting, that India Stock would 
 never rife to 500 per cent. So fan- 
 guine indeed were many, that they 
 warmly infifted it would rife to 1000, 
 yet in 1769, he ventured to predld, in 
 a new edition of his little piece, that 
 from many caufes therein fpecified, 
 the premium might fink very low in-^ 
 
 7
 
 PREFACE. ix 
 
 deed, if not totally fubfide ; though, 
 from the favourable ftate of the com- 
 pany's affairs delivered in at the bar 
 of the houfe of Lords in 1767, the 
 public had the greateft reafon to ima- 
 gine, they would be able to fupport 
 the large dividends, they then gave, 
 for a great number of years, if not to 
 increafe them confiderably : the event 
 has juftified his apprehenfions, and 
 feveral gentlemen have kindly ac- 
 knowledged the benefit they derived 
 from confulting him, and following 
 his advice ; with pleafure, therefore, 
 the fubjedt is refumed in the follow- 
 ing flieets, and probable conje(Sures 
 are formed, from the prefent ftate of 
 the Company's affairs, as to the fu- 
 ture value of their ftock for eight 
 years to come. 
 
 A 5
 
 X P II E F A C E. 
 
 Confiderable additions are made, 
 in this edition, to the inflriKflions 
 of the greateft utihty to thofe who 
 frequently tranfaci bufinefs in the dif- 
 ferent funds — rparticularly, a new 
 chapter, containing an authentic flate 
 of the National Debt, both Prin- 
 cipal and Interest, brought up 
 to the very moment that this part of 
 our treatife went to prefs, and which 
 has not been clearly flated to the pub- 
 lie for feveial years back. 
 
 A more ample difcuffion of that 
 important fubjed, Public Credit, 
 IS introduced, with obfervations rela- 
 tive to bankers, occafioned by the con- 
 fiderable failures in that branch of 
 bufmefs, in the courfe of a few years. 
 
 Some notice is likewife taken of the 
 blow given to Private Credit, in
 
 PREFACE. xi 
 
 the year 1772, occafioned, in a great 
 meafure, by the imlverfahty of the 
 infamous practice of Stock-jobbing. 
 
 The (hameful imitation of the form, 
 and even of the paper on which bank 
 notes are printed (by private perfons, 
 in order to make their own notes cur- 
 rent) having been prevented by a new 
 ad: of parliament, the remarks on that 
 head, in former editions, which far- 
 niihed the government with the hint 
 for this neceffary regulation, are omit- 
 ted in this ; and the author finds his 
 reward, in the fervices he has rendered 
 his country, upon this and other fimi- 
 lar occafions, though unnoticed by 
 adminiftration. 
 
 After having thus briefly men- 
 tioned the principal improvements 
 made in the prefent edition, it may 
 be neceffary to remind the reader, of
 
 Xll 
 
 PREFACE. 
 
 the original defign of " Every Man 
 his own Broker." 
 
 The fatal efFefls of ftock-jobbing 
 were fo feverely felt, both by the com- 
 munity and individuals, in the me- 
 morable year 1720, that, from that 
 period to the prefent time, our com- 
 plaints on the fubjedt have never ceafed ; 
 but it has been conftant matter of de- 
 bate, by what means this deftrudive 
 pradice could be totally fuppreffed ; 
 and though the circumftances of the 
 nation became fo critical, in propor- 
 tion to the extenfion of its Public 
 Credit, as to render it a delicate and 
 difficult tafk to engage the legiflature 
 to enad, or our miniflers to enforce the 
 execution of laws for that purpofe; 
 yet, through the intrepid and truly pa- 
 triotic condud of the late Sir John 
 Barnard, w^hofe memory ought to
 
 PREFACE. 
 
 xiu 
 
 beheld in the higheft veneration by the 
 citizens of London for his long and 
 faithful fervices in parliament, fome 
 regulations propofed by him, were 
 paffed into a law, in the year I734f 
 under the title of " An adf for the bet- 
 ter preventi?2g the ijjfarmus practice of 
 Stock jobbing f by which the mojft pal- 
 pable and glaring frauds then in vogue, 
 were indeed fupprefled : the Bubbles 
 burft, and the race horses of Ex- 
 change-Alley,expired Vv^ith the date of 
 that ad; but Bulls and Bears flill 
 exift in full vigour. The rejeded part 
 of Sir John Barnard's fcheme for the 
 total extirpation of Stock-jobbers, was 
 brought into parliament in the year 
 1773, with fome alterations, and was 
 again thrown out by the houfe of lords y 
 and fuch muft be the fate of all fchemes 
 of the fame nature, in which public
 
 x'lv P p. E F A C E. 
 
 regliters are propcfed to be kept, of 
 thofe contrads in the funds made by 
 the brokers with each oti-er, called 
 time (hir'^ains. The juft apprehen lions 
 that fach regulations would lay too 
 great a rePcraint on the bufinefs of buy- 
 ing and felling, impede the free cir- 
 culation, or fhut the prefent open 
 market for the funds, will always be 
 an infurmountable objedion to them. 
 It appears then to be a felf-evident 
 propolition, that the difcouragement 
 and final fappreflion of Stock-jobbing 
 muft proceed from* the voluntary con- 
 dud: of all perfons concerned in the 
 public funds. They muft be una- 
 nimous in their abhorrence of the 
 pradice, and the only way to make 
 them fo, is to convince them of the 
 injury they fuftain in their reputation 
 and property by gaming in the Alley,
 
 PREFACE. XV 
 
 and thereby expofingthemfelves to be 
 the dupes of Stock-jobbing Brokers 
 and their employers. 
 
 With this laudable view the fcenes 
 of chicanery, duplicity, and fraud, ex- 
 hibited at Jonathan's Coffee houfe, in 
 Exchange Alley, the then ufual ren- 
 dezvous of Stock-jobbers, were paint- 
 ed, from the firft, in true and lively 
 colours : in the prefent edition they are 
 retouched ; and fome new^ in fiances of 
 deceit are introduced. The fcene only 
 is fmce changed, the brokers having 
 built a room by fubfcription, oppofite 
 the Bank, and called it the Stock- 
 Exchange, in which they now af- 
 femble to tranfacl their bufinefs. Any 
 perfon- may enter as freely, as into any 
 other Coffee houfe ; however, fix- 
 pence muft be paid at the bar, by 
 every one who does bufinefs.
 
 XVI 
 
 PREFACE. 
 
 But the grand objed of this work 
 always was, and ftill is, to perfuade 
 the proprietors of our public funds to 
 tranfad: their own bufinefs ; to make 
 them the managers of their own pro- 
 perty ; the only efFedual method that 
 can be taken to reduce the great num- 
 ber of Stock-brokers ; to diminifli the 
 extenfive operations of Stock-jobbing ; 
 and^ in the end, to extirpate this in- 
 famous pradice, which ruins many 
 capital merchants and tradefmen, every 
 year. The plainefl and mofl: ample 
 inftrudions for buying, felling, and 
 transferring the feveral funds at the 
 refpedive offices is given in this con- 
 venient pocket volume, with this 
 view ; and the author has the fatif- 
 fadion to know, that they have been 
 fallowed with facility and fuccefs by 
 an incredible number of merchants
 
 PREFACE. xvii 
 
 and gentlemen: Indeed if this were 
 not an inconteftable truth, it would be 
 hard to account for the continual de- 
 mand that has been made for a book, 
 otherwife of little value, during fuch 
 a length of time as twenty-three 
 years ; or that another edition (hould 
 now be required. 
 
 The original defign of employing 
 brokers muft certainly have been for 
 the convenience of the ladies, for 
 whofe fervice thefe gentlemen are al- 
 ways ready; it were indeed to be vfidi* 
 ed that moil of them had more favour- 
 able afpeds, and a genteeler addrefs ; 
 for really many an innocent young 
 lady, who has butjuftheard of 'Change 
 Alley, may reafonably conclude thefe 
 are the identical Bulls and Bears (he 
 has been told of : but the utility of 
 thefe gentlemen may be eafily fupplied,
 
 xvlil PREFACE, 
 
 even to the ladies, as it cannot be ima- 
 gined any lady is fo deftitute of rela- 
 tions and friends, as not to be able to 
 find one gentleman, who would be fo 
 obligi! g as to tranfadl her bufinefs for 
 her in the funds, efpecially when it 
 fliall appear, that it is the mioft iimple 
 and eafy affau- in the whole circle of 
 bufinefs, and attended with very little 
 lofs of time. 
 
 Nothing is fo common at prefent, as 
 for executors of wills (when they hap- 
 pen to be men of imderflanding) to 
 transfer a legacy out of the name of 
 the teftator into that of the legatee, 
 without calling for the afliftance of a 
 broker -, and why fhould not every 
 gentleman, in the fame manner, give 
 his affiflance to his fifler, his coufin, 
 or any other fem.a.ie relation, or friend, 
 when flie wants to lay out a fum of
 
 PREFACE. 
 
 XIX 
 
 money in the funds, or to fell a fiim 
 out of them ? When not only the 
 pradicabillty, butllkewife the facility, 
 of rendering this fervlce to the ladies, 
 fliall evidently appear from the rules 
 laid down in the following pages, no 
 gentleman will refufe to devote half an 
 hour occalionally, to the agreeable 
 employment of delivering the fair fex 
 from all connections with this medley 
 of barbers, bakers, butchers, Ihoe- 
 makers, plaifterers, and taylors, whom 
 the Mammon of unrighteoufnefs has 
 transformed into Stock-brokers. If 
 in confequence of a compliance with 
 the propofed plan, thefe gentry fliould 
 lofe the fair fex, their greateft fupport 
 falls to the ground, fmce one of their 
 principal emoluments arifes from the 
 management of the fortunes of wo- 
 men, whofe ignorance, joined to a 
 6
 
 XX PREFACE. 
 
 propenfity for gaming, (become of 
 late years a female pafiion,) renders 
 them the eafy dupes of Stock-jobbing 
 brokers. 
 
 It will likewife be fhewn in the 
 courfe of this treatife, that it is almoft 
 impofTible for a jobbing broker to give 
 any gentleman candid and difinterefled 
 advice, when to buy into, or fell out 
 of the funds ; and if this is demon- 
 ftrated to the fatisfaftion of the pub- 
 lic, it will then follow, that, after 
 having learned the method of tranf- 
 a£ting bufmefs, and being difpofed to 
 affift the fair fex, the gentleman and 
 merchant will have no occafion for a 
 ftock-broker ; nor will the public any 
 longer be under a neceffity of giving 
 to a low kind of fervants, an almoft 
 abfolute power over all the circulating 
 monied property in the nation, not
 
 PREFACE, xxi 
 
 employed in trade : but though the 
 author's end fhould not be completely 
 anfwered, by accomplifhing the total 
 fuppreffion of ftock-brokers, it is 
 certain the information he has laid 
 before the public, will put men upon 
 their guard, and enable them to dif- 
 tingulfh between the reputable broker, 
 who purfues only the legal duties of 
 his vocation, and thofe Jefuits of the 
 Alley, who came into it mendicants, 
 but have amafled princely fortunes, 
 by plundering the innocent and un- 
 wary, and have left in it fcyons of the 
 fame flock, to continue the fame infa- 
 mous pradices. 
 
 In fine, for th€ reafons before fpe- 
 cified, a diftin£t and clear account of 
 all the arts of ftock-jobbing are given 
 in the following pages, but not with 
 any defign to make gentlemen turn
 
 XXll 
 
 PREFACE.. 
 
 jobbers; and therefore, though the 
 learning the method of transferring 
 at the books, is the high road to ftock- 
 jobbing, it is hoped the fenfible reader, 
 who may only want to lay out his own 
 money, or his friend's, in the funds, 
 or to fell out of them, as his various 
 occafions may require, will be content 
 with faving the brokerage, and will go 
 no farther ; for though he will find 
 every requifite inftruftion here for 
 walking the Alley, yet, as there are 
 every day fome new fcenes of iniquity 
 contriving behind the curtain, it is 
 impoflible for any man to infure fuc- 
 cefs ; which is fcarce ever certain, 
 till thofe troublefome companions, 
 that generally attend the innocent, 
 "jiz. honour, honefty, and a good 
 cgnfcience, are entirely difcarded.
 
 EVERY MAN 
 
 HIS OW N 
 
 B R Q K E R. 
 
 -CHAPTER L 
 
 Explanation -pf the' Nature of the Public Funds ^ 
 commonly Icalled'-the'.Stocks.-^DiJlinci Account' of 
 India Stock,— Review of (he Admifilflration of 
 the Eaft: India ^ Cotnpanf^ Affairs. — Account of 
 the new Regulations of Parliament refpecling 
 rthem. — Exact Lifls of the Variations in the Prices 
 of India Stock for eight Tears pafl. — Deduction 
 from thence^ of the Medium or Average Price of 
 each Tear. — Joules for e/ri mating the medium 
 ValuCy for eight Tears to come, l^c. 
 
 THE national credit of Great Bri- 
 tain having long fince arrived 
 at the higheft degree of reputation, 
 and her fecurities for the loan of money 
 B
 
 2 EVERY MAN 
 
 being now efteemed the beft in Europe, not 
 only by her own fubjecfls, but likewife by 
 all unprejudiced foreigners; a full expla- 
 nation of the nature of thefe fecurities de- 
 fervedly merits the attention not only of 
 the inhabitants of Great Britain, but of 
 all foreigners, on whom Providence has 
 beflowed any portion of wealth, that is 
 not employed in commerce, or laid out in 
 landed eflates : for where will they find 
 fo fafe a repofitory for their money, and 
 on Rich advantageous terms as the public 
 funds of England afford ? Higher in- 
 tcrell may indeed be obtained, but then 
 the fecurity is not fo good. 
 
 A company or fociety of merchants trad- 
 ing to any part of the world may fuifer 
 lofTes of various kinds, fo a's to leiTen the 
 value of the principal fum advanced them, 
 and to oblige them to lower their divi- 
 dends ; while, on the other hand, private 
 fecurities are ftlll more hazardous : from 
 whence it ncceiTarily follows, that the go- 
 vernment fecurities being the fafefl, are
 
 HIS OWN BROKER. 3 
 
 the moft advantageous to lay out mo* 
 ney in. 
 
 But for want of rightly underflanding 
 thefe fecurities, great numbers of perfons, 
 efpecially in the remote parts of the king- 
 dom, lofe the opportunities of engaging 
 in them, and often lend their money, to 
 their great lofs and difappointment, on 
 hazardous private fecurities. 
 
 Befides the utility of being converfant 
 in the nature of the funds, it will afford a 
 fecret fatisfadlion to the public in general, 
 to fee by whateafy methods a free govern- 
 ment raifes the large (but necelTary) annual 
 fupplies, for carrying on heavy and exten- 
 five wars. In comparifon of thofe grievous 
 and oppreffive meafures taken in defpotic 
 governments, on the fame emergencies. 
 
 Surely the bread of every Englifhman, 
 pofiefTed of monied property, niuft glow 
 with rapture and admiration, when he con- 
 fiders, that while the unhappy fubjedts of 
 the other powers engaged in the lafl war 
 were quite exhaufted, and thoufands of 
 B 2
 
 4 EVERY MAN 
 
 them totally ruined, owing to the den.ands 
 made on them by their arbitrary monarchs, 
 he voluntarily contributed towards defray- 
 ing the public expences of his country, in a 
 manner that was fo far from being burden- 
 fome to him, with refpedt to the large 
 principal fums wanted yearly, that, on the 
 contrary, he ferved himfelf at the fame 
 time, by lending his money on parlia- 
 mentary fecurity. 
 
 The fame ways and means being flill 
 purfued, for ralfing the extraordinary fums 
 wanted for paying off the remainder of the 
 debts contradcd for carrying on the late 
 extenfive war againft France, Spain, Hol- 
 land, and the American revolted Colonies; 
 the Biitifh fubjed, while he is contribut- 
 ing his quota, by the taxes impofed upon 
 him to pay the interefl of the principal 
 fums borrowed by government ; if he is 
 poffefled of monied property, and can 
 make intercrt to fubUribe to the annual 
 loans, actually repays himfelf, and is 
 more ihsitifcot-freef by the profit he makes
 
 HIS OWN BROKER. 5 
 
 from lending his money to the public; 
 every loan of late years having borne a 
 confiderable premium^ or profit, to the fub- 
 fcribers, when brought to market. 
 
 The prefent government funds, trans- 
 ferable at the Bank of England, are. 
 
 Three per cent. Bank reduced annuities. 
 Three per cent, confolidated ditto. 
 
 Three per cent ditto, 1725. 
 
 Four per cent, confolidated ditto. 
 
 Four per cent ditto, 1777. 
 
 Long annuities for 99 years from 1761. 
 Ditto . . for 98 years from 1762. 
 Short annuities for 10 years from 1777. 
 Ditto . .for 30 years from 1778. 
 Ditto . . for 29 years from 1779. 
 Three per cent, fcrip. for 1784. 
 Four per cent, ditto . ditto. 
 Lottery tickets . • ditto. 
 Long annuities . . ditto. 
 New Navy and Vidualling bills 
 Exchequer bills. 
 
 B 3
 
 6 EVERY MAN 
 
 Transferable at the South Sea Houfe, 
 
 Old South fea annuities. 
 
 New ditto. 
 
 Three per cent. • . 1751. 
 
 Thefe are what bufinefs is daily tranfacfV- 
 ing in, and the}^ are extracted from one of 
 the printed liQs publifhed by a broker, 
 which printed liils are to be had daily 
 (about one o'clock in the afternoon) at any 
 of the brokers ollices near the Exchange ; 
 and at fomc of them, may be feen fluck up 
 at the windows. I choofe to didinguilh the 
 above from fome other funds that are in- 
 ferted in thefe lifls, or printed in the pub- 
 lic news-papers, under the general name of 
 Stocks, that the public may be acquainted 
 with the difference between the funds of 
 public companies, and thofe of the go- 
 vernment. 
 
 The v;ord Stock, in its proper fignifica- 
 tion, means, that capital in merchandife, 
 or money, which a certain number of pro- 
 prietors have agreed to make the founda-
 
 HIS OWN BROKER. 7 
 
 tion for carrying on an united commerce, 
 to the equal intereft and advantage of each 
 party concerned, in proportion to the fum 
 or fhare contributed by each. 
 
 A number of merchants uniting, and ap- 
 plying to the government for an exclufive 
 charter, to prevent others from engaging 
 in the fame commerce, and for a power to 
 raife money by an open fubfcription. In 
 order to form their ftock, or capital, are 
 genei'ally denominated Companies. 
 
 A conjunction of three or four perfons, 
 who jointly contribute different, or equal 
 fums towards forming a general flock to 
 trade with, is called a Copartnership ; 
 but the fum of money, or the value of the 
 merchandifes they begin trade v/ith, is (till 
 properly called their Stock ; and fo is the 
 capital, with which any (ingle man carries 
 on his particular buiinefs. 
 
 From this definition of the term, it fol- 
 lows, that the application of it to the lift 
 of government fecurities, here inferted, is 
 highly improper, as they are abfolutely 
 
 B4
 
 8 EVERY MAN 
 
 public debts, and not fiocks, for they are 
 all aids granted by parliament to the go- 
 vernment, to enable it to defray the public 
 expcnces at fundry times, and on fundry 
 occafions ; and have been borrowed of the 
 public on the different conditions contained 
 in the feveral adls of parliament by which 
 they were raifed ; one of which conditions 
 is, that they ihall be redeemable by par- 
 liament, or, In other words, that the par- 
 liament referve a power of paying ofFthefe 
 fums borrowed of the public. However in 
 all this, there is not the leaft fhadow of 
 ftock or capital ; but what amply fupplies 
 the place of It, National Credit, on the 
 firength of which the national debt has 
 been contracted ; and fo long as the go- 
 vernment can keep this credit in reputa- 
 tion, which it will always be able to do, 
 while it can find ways and means of paying 
 the annual interefl of this debt, in the fame 
 pun(ftual manner that it is paid at prefent, 
 fo long will national credit fupply the 
 place of Itock to the government ; and
 
 HIS OWN BROKER. 9 
 
 will be a better fecurlty for money than a 
 Ihare in the flock of any Company what- 
 ever, for reafons which I fhall give in 
 their proper place. 
 
 The flock or capital of our Public Com- 
 panies has been raifed by authority of par- 
 liament ; and by the fame authority has 
 been confined to a limited fum ; fo that as 
 foon as the fum allowed to be railed was 
 completed, the'number of proprietors was 
 likewife afcertained and completed, and no 
 perfon whatever could afterwards be ad- 
 mitted on the fame footing ; but as every 
 proprietor had a power referved to him, 
 his heirs and executors, of transfering or 
 afligning over his right in the faid ftock, 
 to whom he thought proper — this laid 
 the foundation of opening transfer-books, 
 and of appointing particular days and 
 hours for transfering, afTigning over, and 
 accepting, or, in other words, for felling 
 and buying of flock. 
 
 Every original fhare of a trading com- 
 pany's flock mufl greatly increafe in value^ 
 
 B5
 
 10 EVERY MAN 
 
 in proportion to the advantages arlfingfrom 
 the commerce they are engaged in ; fuch 
 is the nature of trade, in general, that it 
 cither confiderably increafes, or falls into 
 decline; and nothing can be a greater proof 
 of a company's trade being in a flourifhing 
 condition, than when their credit is remark- 
 ably good, and the original fhafe in their 
 Hock will fell at a coniiderable premium. 
 
 No commercial company, in any part of 
 the habitable globe, ever poiTeiTed fuch 
 lignal and extenfive rights, privileges, 
 and advantages as thofe which have been 
 allowed by government to the Britifh Eafl 
 India Company, from their firft eflablilh-- 
 ment to the prefent time. 
 
 In a nation, renowned for its political 
 freedom, fucceflive cxclufive charters have 
 been granted to this company, by which 
 they have been veiled with p:)v/ei s and pri- 
 vileges, feemingly incompatible wirh the 
 tirft principles of our conllitution.. For 
 inftance, the territorial acquilitions they 
 have made by cono^ucfi from, or by trea-
 
 HIS OWN BROKER, it 
 
 ties with the Indian princes, have remain- 
 ed in the Company's polTeffion, though 
 they of right belong to the Crown ; and 
 they have a power to prevent any of their 
 fellow-fubjedts from going to and fettling 
 in any part of their territories in Alia ; 
 though every Englifh fubjedt has a con- 
 ftitutional right to travel to, and fix his 
 refidence in any part of the dominions of 
 his Sovereign. 
 
 Yet, while the public revenue of the 
 kingdom continually receives large an- 
 nual fupplies from the immenfe imports of 
 this company, and likewife fuch loans, on 
 extraordinary emergencies^ as aftonilh all 
 Europe, governm.ent is mod afTuredly jufti* 
 fied in conniving at a monopoly, which, 
 though it infringes on the political rights 
 and privileges of its fubjedls, as indivi- 
 duals, contributes fo largely to the real; 
 and relative riches of the nation ;. by aug- 
 menting its capital ftock in merchandife ; 
 by replenifhing its public treafury ; and 
 by confuming its manufactures. 
 B 6
 
 12 EVERY MAN 
 
 But^ at different periods, this profperous 
 {late of their affairs has been reverfed, and 
 inftead of contributing either to the gene- 
 ral commercial interefts of Great Britain, 
 or to the increafe of her finances, the com- 
 pany, in their turn, in the year 1773, re- 
 quired the loan of a very large fum, no 
 Jefs than Ij4oo,ooo/. to be drawn from 
 the public treafure of the nation, for the 
 fupport of their decUning credit ; and alfo 
 found themfelves reduced to the neceflity 
 of refiridting their commercial operations, 
 and of confining them for the future 
 within narrower limits. It then became 
 elfentially neceffary for parliament to in- 
 terpofe, in order to put a flop to the 
 manifold abufes of the extenfive powers 
 veiled in the company by their charter; 
 and to prevent thofe infamous exertions 
 of unlimited authority, ufurpingly prac- 
 tifed by their haughty fervanrs abroad, in 
 open defiance of the mofl pofitive iwftruc- 
 tions fcnt from homc^ by the diredors.
 
 HIS OWN BROKER. i^ 
 
 It was matter of allonifhment and con- 
 cern to the public, to fee individuals, who 
 had been employed but a few years in the 
 company's fervice in Afia, return home with 
 immenfe fortunes, and wallow in wealth 
 and luxury ; while the affairs of the com- 
 pany were declining, notwithftanding the 
 great profits they derived from an extenflve, 
 exclufive trade, and from the revenues of 
 newly-acquired extenfive territories. Such 
 a flrangc fituation of their affairs could not 
 efcape the vigilance of the Britifh legifla- 
 ture. Accordingly, a feledl committee of 
 the Houfe of Commons began an enquiry 
 into the flate of the company's affairs, and 
 into the management of them for fome years 
 pafl, both at home and abroad. From the 
 reports of that committee to the houfe, it 
 appeared, that the mifmanagement of the 
 directors at home, and of the company^s 
 fervants in India, whofe avarice was infati- 
 able, had been the caufe of reducing their 
 affairs nearly to a (late of bankruptcy; for, 
 without the aid of parliament, the diredors
 
 14 EVERY MAN 
 
 had not refources to anfwer the demands 
 upon the company. An adt of parliament 
 was therefore palled in the feffion of 17 73, 
 for eftablifliing certain regulations for the 
 better management of the affairs of theEafl- 
 India company ; in confequence of thefe 
 regulations, a governor-general, aflifled by 
 four perfons^hiscounfellors, was appointed, 
 and veiled with all the powers, military 
 and civil, of the prefidency of Fort Wil- 
 liam, in Bengal ; alfo with the ordering, 
 management, and government of all the 
 territCTrial acquifitions and revenues in the 
 kingdoms of Bengal, Bahir^ and Ortjfai 
 with afuperintending and controlling power 
 over the prefidencies of Madras, Bombay^ 
 and Bencoolen ; and a fupreme power of 
 making war and peace, &c. A fupreme 
 court of judicature was likewife eftabliihed 
 for the town of Calcutta, and the factory at 
 Fort William, and the limits thereof, and 
 factories fubordinate thereto. 
 
 It was hoped thefe new regulations 
 would be a check upon the peculations of
 
 HIS OWN BROKER. 15 
 
 the company's fubordinate fervants in In- 
 dia, and reftore the credit and profpe- 
 rity of the company; but, in the year 17S1, 
 complaints arrived of the oppreflive cxer- 
 cife of the authority of the fupreme court 
 of juilice, though the judges were ap- 
 pointed by the King ; the inhabitants 
 fubjedl to their jurifdidiion, as well native 
 as Britifh, petitioning parliament againfl 
 their conduct. 
 
 By mifmanagement likewife of the go- 
 vernor-general and fupreme council at Fori: 
 William, or the wilful difobedience of the 
 fubordinate prefidencies, the company was 
 drawn into a dangerous war with the Ma- 
 rattas, the mofl pov/erful ftates of India^. 
 and with the late Hyder Ally, a potent 
 and warlike prince, v/ho defeated a con- 
 fiderable force belonging to the company ; 
 and in confequence of this and other dif- 
 afters, a fecret committee of the Houfe 
 of Comm.ons was appointed,, in the feflioii 
 of the year 178 1, which continued fitting 
 in 1782 and 17B3, to enquire into the 
 6
 
 i6 EVERY MAN 
 
 true caufe of that war, and into the aftual 
 ftate of the company's affairs. The re- 
 ports from that committee have been 
 publifhed ; and it was hoped fome capi- 
 tal delinquents would have been called to 
 account : however, after various well- 
 known debates and contells in parliament, 
 the total refult of the enquiry has been 
 the pafling an adt in the prefent year, 
 1784, entitled, an aB for the better regu- 
 latlon and management of the affairs of the 
 Eqjl India Company y and of the Britijh pof- 
 feffions in India ; and for ejlahlijljing a court 
 of judicature for the more fpeedy and effe5fual 
 ■ trial ofperfons accnfcd of offences committed in 
 the Eajl Indies. By this adt, government 
 has fubjeded the diredlon of the Eafl 
 India company's affairs at home, and 
 their fervants abroad, to fuch a controul- 
 ing power veiled in the hands of the 
 minillry for the time being, and of the 
 king in council, that it is almoft morally 
 impoflibk for the directors to be guilty 
 of fuch fhameful mifmanagement as here-
 
 HIS OWN BROKER. 17 
 
 tofore, or for their fervants in India to 
 enrich themfelves at the expence of the 
 company, and of the Indian princes. At 
 the fame time, another adt was palTed, 
 for the relief of the company, with refpedt 
 to the flate of their cafh account; by 
 which the debts they owe to government, 
 for cuilom-houfe duties and other de- 
 mands, are poftponed ; and time is 
 granted to them to difcharge the bills of 
 exchange drawn upon them from their 
 fettlements abroad, which were either 
 adlually due, or to become due in a Ihort 
 time. This indulgence extends to the 
 year 1790, before which time, if the peace 
 continues in India and in Europe, it is 
 imagined the company will have dif- 
 charged all pecuniary demands upon them, 
 at home and abroad, and will have fuch a 
 balance in hand, as to enable them to con- 
 tinue, if not to increafe, their prefent 
 dividend of eight per cent. 
 
 But, that the true defign of giving this 
 detail of the company's affairs may be
 
 i8 EVERY MAN 
 
 completed — which is, to advife and guide 
 the nionied man In his tranfadlions with 
 refpedl to the funds of this company, in 
 order to prevent his being allured by falfe 
 appearances and falfe hopes to game 
 deeply in them, or to purchafe at very 
 high premiums ; it will be neceflary to 
 go back to the year 1766, when fuch was 
 the fpirit of jobbing in India flock, that 
 fome brokers in the alley, and other inte- 
 refted perfons out of it, propagated a 
 report, foon after the news arrived of 
 Lord Clive's fuccefs in India, that the 
 company would be able, from their prodi- 
 gious profits, to divide ^o per cent, per art' 
 numy in confequence of which India ftock 
 rofe to 263, in the beginning of May, 
 1767 ; the general court declaring a divi- 
 dend on the 6th of May of (i\per cent, for 
 the half year commencing at Midfummer, 
 and ending at Chriftmas, 1767. No limi- 
 tation being at that time fixed to their di- 
 vidends, it is impofhble to fay to what 
 height this madnefs might have run;, if
 
 HIS OWN BROKER. 19 
 
 parliament had not wifely interfered to 
 prevent it, by an ad obliging the diredors 
 of the company to refcind the vote of the 
 6th of May, and to limit their annual 
 dividends to 10 per cent. But for this 
 event, u^e ihould have had a revival of 
 the calamitiesof the South-Sea bubble in 
 1720. For fuch was the infatuation pre- 
 vious to the interpofition of parliament, 
 that the author of this book was ridiculed 
 in public company for aflerting that India 
 ftock would never rife to 300 ; the gen- 
 tlemen contending, that it would be worth 
 and rife to 8 or 900, if not 1000/. 
 
 We have already noticed what pafled in 
 parliament in 1773. In 1774, the eighth 
 edition of this work was publiihed, and 
 feveral accounts having been tranfmitted 
 to the author through the hands of his 
 publilher, demonflrating that very deep 
 gaming was flill carrying on in India flock, 
 to the ruin of the unwary, he thought he 
 could not perform a more acceptable fer- 
 vice to the public than by inferting in his
 
 20 EVERY MAN 
 
 next edition Lifts of the variations in 
 
 the prices of India flock during the eight 
 preceding years, which included the pe- 
 riods of the greatell revolutions in the af- 
 fairs of the company— fpccifying the va- 
 riations in each year, and the medium or 
 average price in each year. — Alfo a deduc- 
 tion from thefe tables, and the fituation of 
 the company's affairs in 1774, of the pro- 
 bable medium price for the enfuing eight 
 years. The period of that calculation ex- 
 pired on the I it of January, 1 7 8 1 . It is there- 
 fore unnecefTary to reprint that calculation, 
 or the lifts inferted in the lad edition ; but, 
 in order to fhew what prodigious fums muft 
 have been won and loft by jobbing in India 
 ftock, between the years 1766 and 1773, 
 inclufive, the following note is preferved. 
 iV. B, Extreme variation in the price of 
 Eaft India ftock, in the courfe of eight 
 years, I'l^Z per cent. — being the difference 
 between the higheft price, vt%. 278, in 
 June, 1 768, and the loweft price, viz. 140^ 
 in December, 1773.
 
 HIS OWN BROKER, zi 
 
 The probable medium price, fortold in 
 the laft edition, for the eight fucceeding 
 years, from 1774 to 178 1, inclufive, was 
 160, and an allowance was made of 10 
 per cent, on the fuppofition that the com- 
 pany's affairs would-be in a profperous 
 flate during that period ; if, therefore, 
 we dedudt 10 per cent, for the late unto- 
 ward circumftances in India, we reduce 
 the price to 150; and it will be found, 
 by the lifls of the adlual prices at market, 
 inferted in the ninth or lafl edition, that 
 the author's anticipated calculation was a 
 very jufl: one. 
 
 It appeared likewife by thofe lifts, that 
 the extreme variation in the price of India 
 ftock, during the courfe of thofe eight 
 years, was ^o per cent, the higheft price, 
 in December, 1776, being 171; and the 
 loweft in July, 1778, being 131, The 
 medium price between thefe extremes was 
 150, the average price for the whole 
 time.
 
 22 EVERY MAN 
 
 Let us now pafs in review the prices 
 for the lafl eight years, including the 
 current year 1 7^4. 
 
 1777. 
 
 February 17, - - - 169 
 
 July 29, - - - . ,57 
 
 Augult 27, - ... i5i 
 
 September 15, - - - 165 
 
 IS'ovember 13, - - - i<^7t 
 
 December 20, - - . 1647 
 
 Variations this year, 12 per cent. Aver- 
 age price 163. 
 
 1778. 
 
 January i5, - - - 151-J 
 
 February 17, - - - - 147 
 
 21, - - - - i57r 
 
 26, - - - 145J 
 
 March 27, - - - - 130 
 
 April 30, - - - - 128^ 
 
 May 27, - - - - 1347 
 
 June 23, - .- - - - 136-;- 
 
 July 23, - - - - 131 
 
 Augult 22, - - - 138^ 
 
 Odtober 8, - - - - 146; 
 
 November 26, - - - 141 
 
 December 23, - - - 138J 
 
 Variations this year, 7']iper cent* Aver- 
 age price 1434.
 
 HIS OWN BROKER. 23 
 
 N. B. When any months of the year 
 are omitted, it is becaufe little or no va- 
 riation has happened in them, from the 
 prices of the preceding month. 
 
 »<T«-«*V#T- 
 
 T 
 
 1779. 
 
 January 14, - - - - - 1407 
 
 1P> 137^ 
 
 February 18, - - - - 143 
 
 25, - - " - - i38i 
 
 March 4, - - - . i^I^ 
 
 27, - . . - 1314 
 
 April 22, - - - - I55f 
 
 ^i^y 27> i5it 
 
 J^^e i7» i43r 
 
 J'jiy 15' 138 
 
 September 11, - - - i&^o\ 
 
 October 14, - - - i43i 
 
 November 25, - — - 145I. 
 
 December 15, - - - 143 r 
 
 Variations this Year, iV^percent* Aver- 
 age price 146^-. 
 
 1780. 
 
 January 13, - - - 14 if 
 
 February 2, - - - 151 
 
 29^ - - - i53i
 
 24 EVERY MAN 
 
 
 April 22, - . - 
 
 15^4 
 
 June 6, - - - 
 
 150 
 
 July 12, ... . 
 
 148 1- 
 
 Augufl 3, - - . . 
 
 152 
 
 October 26, 
 
 153^ 
 
 Variations this year, 15^ per cent. Aver- 
 age price 149I. 
 
 1781. 
 
 January 24, - - - 153;- 
 
 February 23, - - - 146J 
 
 April 12, - - - - 148 
 
 19, - - - - i44i- 
 
 May 10, . - - - 147^ 
 
 23> 145 
 
 July 12, - - - - i40t 
 
 18, . - - - 135 
 
 21, - ... 133J 
 
 Auguft 28, - - - - 140 
 
 September 18, - - - 138 
 
 October 9, - - - - 139 
 
 27, - - - - i34t 
 
 November 15, - - - - i39t 
 
 24, - - - 134^ 
 
 27, - - - lAoi 
 
 Variations this year, 197/^^ cent. Aver- 
 age price 143*
 
 HIS OWN BROKER. 
 
 25 
 
 1782. 
 
 
 
 January 25,^ 
 February id, 
 March 15, - - - 
 
 ? 
 
 i35t 
 i3it 
 
 April 17, 
 
 July 10, - - - 
 
 • 
 
 139 
 132 
 
 20, - - - - 
 
 - 
 
 127-5- 
 
 September 12, 
 
 - 
 
 126% 
 
 16, - - - 
 October 16, - - - 
 
 km 
 
 1307 
 
 24, 
 November 11, 
 
 "• 
 
 I33t 
 
 131^- 
 
 December 3, - - - 
 
 - 
 
 •1361- 
 
 9> 
 
 - 
 
 i39# 
 
 31, 
 
 - 
 
 141 
 
 Variations this year i^f per cent. 
 
 Aver- 
 
 age price 133. 
 
 
 
 1783- 
 
 
 
 January 8, - - 
 
 - 
 
 i33t 
 
 23, ... 
 February 15;, 
 March 21, 
 
 - 
 
 144-r 
 I46t 
 140^ 
 
 April 8, . - - 
 
 - 
 
 137 
 
 19. - - * 
 
 • 
 
 132^ 
 
 29, ... 
 
 May 16, - . - 
 
 . 
 
 141 
 
 23> - . - 
 
 • 
 
 14©
 
 i6 EVERY MAN 
 
 
 July II, . . 
 Auguft 23, ... 
 Seprember 9, - - 
 November 14, 
 
 - 
 
 132 
 
 143 
 
 137^ 
 
 21, 
 
 December 18, 
 
 * 
 
 120 
 
 127 
 
 Variations this year 264- per cent. Aver- 
 age price 133^- 
 
 1784. 
 
 
 
 January 12, 
 
 - 
 
 118^ 
 
 February 25, 
 
 - 
 
 123 
 
 March II, 
 
 - 
 
 I29t 
 
 23, 
 
 - 
 
 I24t- 
 
 27> 
 
 - 
 
 126 
 
 May 13, - ^ . 
 
 - 
 
 1227 
 
 26, 
 
 - 
 
 I241- 
 
 June 8, - - - 
 
 - 
 
 I2li- 
 
 II, - - 
 
 - 
 
 iiSt 
 
 17, . - - - 
 
 - 
 
 12oi. 
 
 25, - - - 
 
 - 
 
 122 
 
 July 14, 
 
 - 
 
 I17r 
 
 23, - - - 
 
 - 
 
 I2lt 
 
 Auguft 5, - - - 
 
 - 
 
 1261 
 
 Odober 13, - - 
 
 - 
 
 128 
 
 Variations this year 9!- 
 
 per cent. 
 
 Ave- 
 
 age price 123;. 
 

 
 HIS OWN BROKER. 17 
 
 Let it here be remarked, that gaming in 
 this Stock has not been fo exccffive, during 
 the lail eight years, as in former periods ; 
 and it is highly probable that the publica- 
 tion of the tables in the two laft editions, 
 which pointed out the great danger of 
 ruin by jobbing in a Fund, the price of 
 which had varied in one year, no lefs than 
 1 38 per cent, checked the progrefs of 
 fuch pernicious gambling. However, 
 it ihould be remembered, that even in 
 the laft eight years, clofing with the pre- 
 fent year, jobbing in India Stock muft 
 have been a deeper game than jobbing 
 in any other, the variation in it being 
 ^o\ per cent, the difference between the 
 highell price in Februar}^, 1777, \\z. 
 169; and the lowefl price, iiSf, in 
 January, 178^. 
 
 Having now found the average or me- 
 dium price of India flock for fo long a pe- 
 riod as the laft eight years to be J 43-, 
 let us endeavour, from juft reafoning, to 
 point out the probable, real value of this 
 C 2
 
 23 EVERY AI A N 
 
 i\ock for eight years to come, including 
 the current year 1784. And the better to 
 juftify our conjectures concerning future 
 times, let us make a few obfervations on 
 the pafh and prefent flate of the com- 
 pany's affairs* 
 
 It is generally allowed, that during the 
 peace of 1763 the company enjoyed every 
 advantage that could poffibly accrue to 
 any trading company — fuch as an exclu- 
 iive right of conducting all their concerns 
 at home and abroad, by th^ir own b}'e- 
 laws — an unbounded, perhaps a culpable 
 demand for all the commodities brought 
 home by their fhips — an increafed demand 
 for re-exportation to other countries — new 
 territories, and with them additional re- 
 venues : frefh fources of commerce — and 
 an unlimited credit at home, carried to a 
 degree, at one time,bordering on the South 
 Sea infatuation, to which the madncfs of 
 the public might have made it parallel, if 
 parliament had not put a check to the fmif- 
 terdefignsof certaindiredtors and interefted 
 
 5
 
 HIS OWN BROKER. 2^ 
 
 proprietors. What could the Company 
 
 vvifh for, as an addition to thefe advan- 
 tages ? — Nothing, but public virtue and" 
 dllintereftedners in the managers of their 
 concerns at home; and common honefty, 
 tindured with humanity, in their fervants 
 abroad — but both thefe neceilary fupports 
 failing them, the fuperflrudure has nearly 
 fallen to the ground, and all the hopes of 
 vaft dividends and prodigious prem.iums 
 have fuddenly vanifhed, to the great dif- 
 appointment of tho-fe who purchafed the 
 ftock at enormous premiums^ particularly 
 in the year 1766. 
 
 We will now put the queftion — Can 
 this company expedt greater, or even i^o 
 great advantages in the courfe of the nexc 
 eight years, as thofe they have poflefTed 
 during the lafl }■ The anf.ver is obvious. 
 No, The opportunity has been lod", by 
 mal-adminiflration ; and though the wifeft 
 Tegulations may be eflablilhed to prevent 
 future mifmanagement, yet it w^ill require 
 more than eight years to reltore the com^ 
 
 G3
 
 30 EVERY MAN 
 
 pany's affairs to fo flonrifhing a ftate, as to 
 enable them to increafe their dividends on 
 jufi: grounds ; and unlefs it can be done 
 with a tolerable certainty of continuance 
 for a given length of time^ it is to be 
 hoped government will prevent the fatal 
 effedts of hafhily adopting fuch a meafure 
 a fecond time. 
 
 From thefc premifes, then, I think, 
 v/e may fairly draw the following con- 
 cluiions. 
 
 That India Stock cannot be worth 
 more, upon an average, for the next eight 
 years, than 150 ^er cent, allowing for 
 every advantage to be derived from the 
 new adlsof parliament already mentioned, 
 and from the continuance of the national 
 peace ; unlefs the government funds 
 iliould, by any unforefeen circumflance, 
 rife fo rapidly as to reduce the value of 
 money from 5 to 4/)^r cent, annual in- 
 terefl, in which cafe, the calculations on 
 the value of India flock mufl be made 
 accordingly.
 
 HIS OWN BROKER, p 
 
 That all fpecious practices to raife it 
 above that price, may be confidered as the 
 artifices of defigning men, endeavouring to 
 re-eflablifh thofe deftrudtive jobbing con- 
 tradts, which give fuch dangerous wounds 
 to private credit. 
 
 And that of all others, the trading funds 
 are the mod difadvantageous to buy into, 
 when the premiums run very high, and the 
 nioft hazardous on any flock-jobbing plan. 
 
 We will now return from this long, but 
 very interefling digreflion, and difcufs the 
 remaining fubje(5t of this chapter. 
 
 The GOVERNMENT ANNUITIES, and 
 
 other fecurities for money, {land nearly 
 in the fame light, with refpedt to the firfl 
 raifing of the fums granted, in aid of go- 
 vernment, as the flocks of companies, 
 that is to fay — The money is raifed by 
 authority of parliament, the fum is li- 
 mited ; and after the fubfcription is full, 
 no more contributors can be admitted. 
 In order, therefore, to remove the incon- 
 veniences that might arife to contributors 
 
 ■C4
 
 52 EVERY MAN 
 
 from being obliged to keep their mone^ 
 conftantly in the hands of government^ 
 and that thofe who have money to lay 
 out^ and had not an opportunity of fub- 
 fcribing, may be enabled to purchafe of 
 the fubfcribers, the fame method has been 
 tak-en of opening transfer-books, and of ap- 
 pointing certain days and hours for tranf- 
 fering and accepting, or for buying and 
 felling of the annuities :. fo far the govern^ 
 ment fecurlries and theilocks of compa^ 
 nies agree ; \vq Ihall now fee wherein they 
 differ. 
 
 As the government are not engaged" in 
 trade, a fhare in their annuities cannot bear 
 any premium, but what will arife from the 
 real value of fuch fhare at the time it bears 
 a premium. To iiluflrate this, let us fup- 
 pofe that I buy at prefent looh Ihare of 
 three per cent, annuities for 58). the cur- 
 rent price ; the reafon I buy it fo low is,, 
 that money is worth at prefent above /i;^ 
 per cent, 'per annum, and I am to receive 
 only three per cent, therefore I give a prin- 
 cipal fum, in proportion to the intereft I
 
 HIS OWN BROKER, jj 
 
 am to receive But, whenever the nation^ 
 Ihall enjoy a general peace^ during ten 
 years, or more, my rod* fhare in the 
 three per cent^ annuities, which I bought 
 for 5 B I.' may become worth iccl. or more;, 
 but from whence will this great profit 
 arife ? Not from the uncertain advan- 
 tages of trade, but from a natural event, 
 a long peace, which may in time lower 
 the value of money (the government not* 
 being in want of extraordinary fupplies)* 
 to fuch a degree, that m^ore than three per 
 cent, cannot be obtained any where, nor 
 even that, on fuch good fecurity as my 
 fhare in the three per cent* annuities i 
 therefore I may be offered a premium for 
 it on account of its intrinfic value ; and 
 that the cafe here fuppofed is founded on 
 a precedent, may be proved by referring, 
 back to the prices of three per cent, an- 
 nuities in the time of the Scotch Re- 
 bellion*, and comparing th-sm with the 
 
 * See the London Magazine for Nov. 1745.
 
 34- EVERY MAN 
 
 price of the fame annuities before the 
 breaking out of the late war. 
 
 A time of peaee is no fecurity for the 
 premium given on the ftock of any trading 
 company, becaufe many events may hap- 
 pen, as eafy to conjedlure as to mention, 
 by which they may fuilain great loiTes, 
 and which may occufion the premiums on 
 ihares totally to fubfide. Again, the 
 tranfadlions of no fociety whatever are fo 
 open, nor fo ibon known, when they 
 concern the public, as the tranfadlions of 
 the Britlfn government, A number of 
 fatal accidents may be concealed for a 
 long time in trading focieties ; but a rup- 
 ture with a foreign power, which is al- 
 mofl the only thing in time of peace that 
 ought to alTecl the price of the govern- 
 ment fecurities, is prefently knovvn ; and 
 confequently, as foon as the rumour of a 
 war is fpread, the perfon who has given 
 a premium on annuities has an opportu- 
 nity of felling at a fmall iofs, fo^ir ox five 
 per cent, but whenever a long-concealed 
 misfortune that has happened to any trad-
 
 HIS OWN BROKER. 35 
 
 ing fociety comes to be divulged, or that 
 the fociety takes any unexpedled mea- 
 fures, the fall on the fliares in the ftock 
 of fuch a fociety may be twenty or thirty 
 per cent, in one day. 
 
 Befides, the difference between the go- 
 vernment annuities and the flocks of trad- 
 ing companies, when bought at a difcount, 
 (or under par) is very great ; for Ihould it 
 ever happen, that the fhares in the capital 
 or flock of any trading fociety fall con- 
 fiderably under par, it may reafonably 
 be concluded that the finances of that 
 ^fociety are in a bad condition, and their 
 trade on the decline ; but the govern- 
 ment annuities felling at a great difcount 
 IS only a proof of the increafe of the value 
 of money, which will always be in pro- 
 portion to the demands of the flate for if. 
 
 Thus he, who, at the beginning of the 
 late war, would willingly have lent the 
 government his money at three and a half 
 per cent, will not now part v/ith it under 
 f.ve per ce?it^ and a douceur, becaufe the 
 C 6
 
 ^6 EVERY MAN 
 
 wants of the flate continuing, have raifed 
 the value of money ; but this is no argu- 
 ment, either that the finances of the ftate 
 are in a bad condition, or that its credit is 
 on the decline : on the contrary, J do not 
 know of any public event (the American 
 v/ar excepted) which has in the leail 
 weakened public credit, nor which ought 
 to have caufed any great variation in the 
 prices of the government fecurities ; and 
 here I mull add a few words, which I am 
 certain will greatly offend the monied 
 men, but may not be difagreeable to the 
 public, 
 
 1 am humbly of opinion then, that a 
 method might be found out of keeping 
 the funds from thefe perpetual variations, 
 (except in cafe of an adual, formidable in- 
 vafion, the total deflrudion of our mari-^ 
 lime force, or any other more remarkable 
 cataftrophe than any that has happened 
 during the war), and of fupplying the go- 
 vernment with Vv^hat money they want, on 
 the fame terms at the latter end of a war 
 as at the beginning, provided it docs not
 
 HIS OWN BROKER. 37 
 
 lafl fo long as to make a real fcarcity of 
 money; which, I thhik, was not the cafe 
 in the late waivas appeared by the Imme- 
 diate filling of every fubfcription for raif- 
 ing the annual fupplies. 
 
 I confefs it to be an Herculean labour, 
 
 but yet it is to be accomplifhed if the 
 
 influence the brokers have over the monied 
 men is once deftroyed, which it is hoped 
 this work will,, in part, if not totally^ 
 effea. 
 
 The Bank annuities, and other govern- 
 ment fecurities, inferred at the beginning 
 of this chapter, together with the follow- 
 ing capitals, or flocks of companies, and 
 their annuities and bonds, make up the lifl: 
 that is commonly inferted, with their feve- 
 ral prices^ in the public news-papers, un- 
 der the general title of Stocks^ 
 
 Bank flock, Ave and a half per cent^. 
 
 per annum. 
 South-fea flock, three and a half per cent, 
 India flock, eight per cent,
 
 38 EVERY MAN 
 
 India annuities, three per cent, 
 India bonds, four per cent. 
 
 They are all transferable, or faleable, 
 without any reftraint or difficulty, as will 
 appear In Chap. III. wherein the method 
 of doing it is fully explained. 
 
 Having thus given a fuccind: account of 
 the public funds, in a flyle which, I hope, 
 will be intelligible to the meanefl capacity ; 
 I have only to add a few remarks that na- 
 turally arife out of the explanation I have 
 given of them, and which, I hope, will not 
 be entirely iifelefs to the public. 
 
 It appears then, "That the government 
 ** fecurities of England are abfolutely pre- 
 ^' ferable to all others whatever, 
 
 «^ That fhares in the flocks of the public 
 *^ companies of England are nearly equal 
 " to the government fecurities, and far 
 *' preferable to the fecurities given by pri- 
 ** vate focleties, or particular perfons. 
 
 " That fliares in annuities bought at a 
 *' great difcount, that is to fay, greatly
 
 HIS OWN BROKER. ^^^ 
 
 ^^ under par, are the cheapeft and moft 
 *^ advantageous to the purchafer, and con- 
 " fiderably more profitable than any flocks 
 ^' bought at a high premium : becaufe 
 *' the probability of the premium (given 
 « on any (lock) totally fubfiding, is infi- 
 *« nitely greater than that the low price 
 *' given at prefent for three per cent, an- 
 *^ nuities, Ihould fall much lower; and 
 *' there is a greater probability of their 
 ** rifing, and a greater likelihood of its 
 " continuance, than there is that the pre- 
 " mium now given on any Hock (hould 
 " rife much higher, or continue fo high as 
 " it is, for any number of years r there- 
 *• fore Ihares in flocks that bear a pre- 
 *« mium, are the deacefl, and fhares in 
 " funds or annuities under par, the 
 " cheapefl to purchafe. 
 
 ^' Thatperfons who havefubfcribed, or 
 " bought into the three per cent, or other 
 *' government fecurines fome years ago, at 
 *' a much higher price than the prefent, 
 " ought not to fell out now, unlefs on an
 
 4(^ EVERY MAIT 
 
 "^ unavoidable emergency, let what will be 
 ^' the temptations offered by brokers to en- 
 *' gage them to do it ; (incey in their cafe, 
 *^ they will fcarce better themfelves by any 
 *' new fubfcription ; and fince, whenever 
 ^« they offer to fell, they will always find 
 ^« buyers, whofe deiire of buying what they 
 •• want to part with, plainly makes a doubt 
 *^ of the matter; for it flievv^s that the pur- 
 " chafers (or their brokers for them) have 
 " as good an opinion of the annuities the 
 «^ fellers are going to part with at a great 
 ^^ lofs, as they have of any new fubfcrip- 
 " tion*:: therefore, unlefs inacafe of ne» 
 «^ ceffity, never remove your money at a 
 " lofs ; but wait patiently till the fituation 
 " of public affairs has brought it back to 
 ^' the price you gave, or a much higher^ 
 
 * It is the broker's bulinefs to throw out all pof- 
 fiblc baits to engage people to be ccntinually chang- 
 ing from one fund to another, for this brings grift 
 to his mill ; every movement of this kind producing 
 frefli commiirion-money,
 
 HIS OWN BROKER. 41 
 
 '^ and never believe any idle rumours of 
 ^^ bad news, fo far as to let them frighten 
 ^' you out of your interefl in the govern- 
 ^' ment fecurlties ; for thefe fecurities have 
 '^ not for many years, nor are likely again 
 *' to be in any real danger. 
 
 " Finally, That the man who wants ta 
 *^ engage you to be continually changing 
 '^ the lituation of your money, is infiu- 
 " enced by feme private motive ; for 
 ^^ which reafon never follow his advice, 
 <* unlefs you are a jobber yourfelf." 
 
 CHAPTER II. 
 
 Of the myjiery and iniquity of Stoch-jchbing^ in all 
 its various branches, 
 
 I Give this account of flock-jobbing the 
 fecond place in this little piece, becaufe 
 it may prove an agreeable relaxation to the 
 mind after fo dry a fubjedt as that of the 
 fiocks i and likewife^ becaufe it is proper
 
 4:i EVERY MAN 
 
 to give an account of the various branches 
 of ttock-jobbing^ before I infert any general 
 inlirudions for tranfading the feveral parts 
 of the bufinefs of the public funds. 
 
 It will be neceflary to premife, that the 
 iniquitous art of flock-jobbing has fprung, 
 like a great many other abufes, from the 
 "bed: of bleflings. Civil Liberty, the 
 benign influence of which the Englifh na- 
 tion, to its immortal honour be it recorded, 
 is ever fludious to extend to foreigners as 
 well as to its natives. 
 
 Moral writers afTert, that there is no 
 good thing on earth which may not be 
 abufed : but this is no argument that the 
 good, out of which evil is produced, is the 
 lefs valuable : on the contrary, it only ag- 
 gravates the guilt of thofe who are fo cor- 
 rupt as to make even virtue itfelf ferve the 
 caufe of vice. 
 
 From the free liberty granted to all fo- 
 reigners to buy into, and fell out of our 
 puWic funds, the diabolical art of flock-
 
 HIS OWN BROKER, 43 
 
 jobbing took its rife, and is now arrived at 
 its meridian of iniquity. 
 
 The great concerns which foreigners, 
 and efpecially the Dutch, have had in our 
 funds for more than half a century pafl, 
 demonftrate the goodnefs of the Englilh 
 fecurities in preference to all others ; that 
 the manner in which the bulinefs of them 
 is tranfadted, is the plainefl and mod free 
 from all difficulties and embarrafTments ; 
 and that the pundtual payment of fmall 
 intereft is, by all prudent people, more 
 highly prized than the vain promifes af 
 much larger interefl, where there is not a 
 probability of its being regularly paid at 
 the end of every fix months, perhaps of 
 its ever being paid. 
 
 The credit of Great Britain is greatly 
 fuperior to that of France, owing to the 
 inviolable honour of her Parliaments in 
 keeping to their engagements with the 
 public creditors of the nation. A moft 
 remarkable and glorious inllance is at this 
 time given of the unimpeachable and un-
 
 44 EVERY MAN 
 
 parallelecl honour of the Britlili govern- 
 ment, in the adminiftration of the p\iblic 
 Funds. Many of our fellovv-fubjedts in 
 America, as individuals, and many of the 
 Revolted Provinces as bodies corporate, 
 have monies vefled in our Funds, and 
 though they openly revolted from their 
 Sovereign and the Parent State, yet their 
 capitals were as fecure, and their intereft 
 as regularly paid, during the late fatal 
 and difhonourable civil war againft them, 
 as if no fuch unhappy event had taken 
 place. 
 
 The Dutch likewife, though they vio- 
 lated the faith of treaties, and forced 
 Great Britain into a war with them, found 
 their immenfe property in our funds per- 
 fectly fecure ; and were left at full liberty 
 to withdraw it by fale at market, the fame 
 as any other of the public creditors. The 
 confifcation of this property,. money being 
 the finews of war, woula, in other coun- 
 tries, have been confidered as found 
 •policy*
 
 HIS OWN BROKER. 45 
 
 The French government, on the con* 
 trary, has often violated the conditions on 
 which fhe borrowed money for the exigen- 
 cies of the Hate : therefore, as long as the 
 prefent happy conftitution of Great Britain 
 remains, fhe will conftantly have the advan- 
 tage of France in obtaining loans on the 
 flrength of her public credit, not only from 
 her own fubjects, but from foreigners of 
 every denomination. 
 
 " Had one half of the ads of power 
 ^^ been exerted with us, which have been 
 " fo familiar in France ; had half the 
 *' liberties been taken in tampering with 
 " the claims of creditors, a total bank- 
 ^^ ruptcy would long ere now have been 
 " the confequence, 
 
 *' Example works wonderful effeds; 
 *^ and the advantages of a fecurity to be 
 *' depended on, will every day more and 
 *' more enea^e the monied intereft to 
 *' prefer this to any violent and preca- 
 <^ rious profits." This judicious remark 
 *s made by Sir James Stewart, in his ela-
 
 46 EVERY MAN 
 
 borate work, intitled, "An Inquiry into 
 the Principles of Political Oeconomy." 
 
 Again, the Dutch and other foreigners 
 having fo large an intereft in our public 
 funds, has given rife to the buying and 
 felling them for time, by which is to be 
 underflood, the making of contradts for 
 buying and felling againfl any certain pe- 
 riod of time, fo that the transfer at the 
 public offices is not made at the time of 
 making the contrad: for transfcring it; 
 and this has produced modern ftock-job- 
 bing, as I fhall prefently have occafion to 
 fhew. 
 
 Nothing could be more ju(l or equitable 
 than the original defign of thefe contradts, 
 nor nothing more infamous than the abufc 
 that has been, and ftill is, made of if. 
 
 The original intention of thefe con- 
 tradts, I imagine, was, that a Dutch- 
 man, or any other foreigner, having oc- 
 cafion to buy into, or fell out of our pub- 
 lic funds, and being informed by his cor- 
 refpondent at London of an advantageou;s 
 6
 
 HIS OWN BROKER. 47 
 
 opportunity of doing either, might be 
 enabled to embrace fuch an opportunity, 
 by writing to his friend to contrad: im- 
 mediately for any quantity of flock againft 
 fuch a time, before the expiration of 
 which, he might fend his correfpondent a 
 remittance, if it did not fuit him to do it 
 immediately ; whereas, if it were not for 
 thefe contrads, the transfer (in the com- 
 mon courfe of bufmels) being to be made, 
 and the money to be paid at the fame time, 
 if it did not fuit his correfpondent to ad- 
 vance it, nor him to remit it, the oppor- 
 tunity would be lofl ; and again, that his 
 correfpondent might not be prevented 
 from taking advantage of a favourable 
 opportunity either of buying or felling 
 for him, by waiting the arrival of powers 
 of attorney, or other necelTary inftruments, 
 iiuthorifing him to tranfadl the bufniefs at 
 the offices. 
 
 This is the fhorteft and mofl probable 
 account I am able to give of the original 
 intent of contrads for felling flock for time
 
 43 EVERY MAN 
 
 —the four principal times for which con*- 
 tradts or bargains are made, are— February 
 . — May — Auguft-— and November — and 
 thefe are called, in 'Change Alley, the Ref- 
 counter* fettlings. The ccrrefpondents of 
 
 * In fome former editions of this work the Au- 
 thor declared himfelf at a lofs for the etymology of 
 the word Refcounter, but he is now enabled to give 
 a full account of it, for which the public are in- 
 debted to a deceafed gentleman who formerly re- 
 fided in Holland in a public capacity, who was fo 
 obliging to write the following letter to the author, 
 
 «' SIR, 
 
 " I thank you for your book, which has made 
 * ' me underlland what before I had not the leall no- 
 '* tion of. — In your 29th page, in the note, you fay 
 '* you are at a lofs for the etymology of Refcounter. 
 <' I fliall take the liberty to give you the meaning 
 *' of that word as ufed among Dutch merchants, by 
 ** which you may fee how it has been adopted in the 
 *' Alley. — It is cuflomary with Dutch merchants, 
 " who have mutual dealings and running accounts, 
 •* and who live in the fame town, to give a receipt 
 *' at the bottom of a bill of parcels, or invoice of 
 *• goods fold to each other, in thefe words, fohit
 
 HIS OWN BROKER, 
 
 49 
 
 fuch foreigners as are concerned in our 
 funds being generally merchants, thefe 
 having no fpare time, have recourfe to 
 brokers, who make thefe contracts for 
 them ; and the method is thus : a broker 
 declares that he has a commlflion to buy 
 (fuppofe in the month of May) loool, 
 three per cent, annuities for the Refcoun- 
 ters in Auguft; and it is not long before he 
 
 *' per refcontre^ which is underflood to mean, that 
 •* the value of fuch invoice has been adjufted in ac- 
 «' count current between them j even fmall notes of 
 «* hand, or affignatfens (as the Dutch call them) are 
 ** thrown into thefe accounts current. — When pay- 
 ** ments are made other ways, they fay, Jolvit per 
 ** hancOi folvit per cajja^folvit per ivej]}!, d)CC, this 
 ** denotes the different manner in which payments 
 •* have been made, and facilitates the tracing of any 
 *' articles that may be difputed. I fliall be glad if 
 *' this throws any light upon the etymology of the 
 *' word Refcounter, as ufed with you, and am, Sir, 
 
 '' Your humble Servant, &:c. 
 
 Rotterdam. « ROBERT IRVINE, 
 
 « Agent to H.B.M.** 
 D
 
 5© EVERY MAN 
 
 finds a brother broker, who declares he has 
 a commlffion to fell loool, for the fame 
 time ; after agreeing then on the price, the 
 one marks down in his book — fold toZeru- 
 babel Ambufh loool.threepercent. annui- 
 ties for Auguft — and the other — boughtof 
 Jemmy Sl)^ loool. three per cent, annuities 
 lor that time ; and thus the bargain is fi- 
 nilhed till Augufl : but the principal, or 
 perfon who employed them, is not declared 
 on either (ide, as it ought to be ; of which 
 hereafter, when we come to treat of the 
 laws in force, refpediing Brokers. 
 
 Were this proceeding to flop here, it 
 would only anfwer the original defign (ex- 
 cept in the lall-mentioned particular) and 
 would be fo far juft and equitable ; but the 
 mifchief of it is, that under the fandlion of 
 felling and buying the funds for time for 
 foreigners, brokers and others buy and fell 
 for themfelves, and for all employers, in 
 whom they think proper to place a confi- 
 dence, though they have not any property 
 in the funds they fell, or any cafh to pay
 
 HIS OWN BROKEPv. 51 
 
 for what they buy, or the leafl delign to 
 transfer, or accept, the funds they fell or 
 buy for time. 
 
 The buiinefsthustranfadled has been de- 
 clared illegal by feveral ads of parliament, 
 and is the principal branch of flock-job- 
 bing, and the genuine fource to wkich we 
 are indebted for that variety of private 
 letters from different quarters of the globe, 
 in time of war — fecret intelligence — im- 
 portant events — bloody engagements — 
 invafions — Spanifh fleets joining v/ith 
 French^ — difference with foreign powers- 
 deaths of certain great perfonages — break- 
 ing out of the plague — alterations in the 
 miniflry — and that infinity of et cateras 
 of the fame kind, v;hich are to be found 
 inferted in our news- papers one day, and 
 contradided the next ; but which are all 
 fubfervient to the great purpofe of pro- 
 moting the trade of flock-jobbing. 
 
 In order to prove that flock-jobbing pro- 
 duces a great variety of articles in the news- 
 papers,- as.. vyell as rumours and reports in 
 D 2
 
 SZ EVERY MAN 
 
 coffee-houfes, and the better to explain the 
 whole myilery of this art, I fhall endeavour 
 to give a clear account of flock-jobbers ; 
 and fhall diftinguifh the different clafTes of 
 them ; to convince the public, that it lies 
 under a great error, when it confines 
 the contemptuous term of flock-jobbers 
 wholly to brokers ; an error, however, 
 which of late has univerfally prevailed ; 
 for whenever flock-jobbing has been 
 brought upon the carpet, either in pe- 
 riodical effays, or upon the flage, the cha- 
 raders have been defciibed either as 
 Jewifh or Chridian brokers, and thofe of 
 the meanefl and Ihabbieft fort, except in 
 a very fenfible little eflay in the Imperial 
 Magazine for Auguft, 1760, in which the 
 author veryjuftly introduces fome cha- 
 radters in a higher ftation of life : and 
 indeed it were to be wifhed that the higher 
 orders of men amongfl us had not this 
 difgraceful title, to fully their bright 
 honours; but fo it is, that the prefent 
 immenfe national debt has introduced a
 
 HIS OWN BROKER. ^^ 
 
 general fpirit of gaming among all ranks 
 of men poflefTed either of property or 
 credit, and playing in the funds is be- 
 come as common as playing at cards. 
 
 Stock-jobbers may be divided into three 
 different forts : 
 
 The firll are foreigners, who have pro- 
 perty in our funds, with which they are 
 continually jobbing. 
 
 The fecond are our own gentry, mer- 
 chants, and tradefmen, who likewife have 
 piroperty m the funds, with which they job, 
 or, in other words, are continually chang- 
 in-g the iituation c>f their p.roperty, accords 
 ing to the periodical variations of the 
 fund?, as produced by the divers incidents 
 that are fuppofed either to leifen or increafe 
 the value of thefe funds, and occafion fud- 
 den rifes or falls of the current price of 
 them. 
 
 The third, and by far the greatefl num- 
 ber, are ftpck-brokers and their employers, 
 who with very little, and often with no pro- 
 perty at all in the fund?, job in them on
 
 54 EVERY MAN 
 
 credif, and tranfadt more bufinefs in the 
 feveral government fecurities in one hour, 
 without having a fhilling of property in 
 any one of them, than the real proprietor 
 of thoufands tranfadls in feveral years ; 
 the following inftance will ferve to elu- 
 cidate this remark. 
 
 A few years fince, a flock-broker wanted 
 to prove a debtof lool. under a commif- 
 iion of bahkrnptcy ; the reft of the credi- 
 tors objeded to it ; and he was aiked, how 
 his debt arofe ? he replied, it was for bro- 
 kerage, for buying and felling of ftocks 
 for the bankrupt. This was thought very 
 extraordinary, as the time of tranfadling 
 this bufinefs for him was the very time 
 when he was greatly indebted to his feveral 
 creditors ; and confequently it was fuppof- 
 ed, that if hehad poflefTed fuch a property 
 in the funds as to enable him to owe his 
 broker lool. merely for commiffion, which 
 is no more than 2S. 6d, per cent, he had no 
 occafion to remain in debt. In fhort, the 
 broker was not allowed to come in as a
 
 HIS OWN BROKER. 55 
 
 creditor, upon which he very foolifhly 
 commenced a fuit againft the parties con-- 
 eerned, and was moft juflly nonfuiced. It 
 appeared upon the trial,that he had bought 
 and fold for the bankrupt, of various go- 
 vernment fecurities, about 70,000!. in one 
 quarter of a year, that is, from one ref- 
 counter to another ; and that the bankrupt 
 at this time had not, nor could not be fup- 
 pofed to have, lool. property in any one of 
 the funds. As the v/hole tranfadlion there- 
 fore was flock-jobbing, and expreily con- 
 trary to a(ft of parliamenty the bringing 
 fuch a caufe into a court of judicature' 
 was reckoned a mofl extraordinary piece 
 of affurance, and caft that odium and 
 contempt on the gentlemen of 'Change 
 Alley, who attended in behalf of their 
 brother, that they jultly merited. As 
 for the broker himfelf, he received a 
 very fevere reprimand from that moft dif- 
 cerning and upright Judge, Lord Mans- 
 field, the honour and ornament of his 
 country. 
 
 D 4
 
 56 EVERY MAN 
 
 Foreigners, who have property in our 
 
 funds, and are jobbers, are the moft guilty 
 of injuflice to the public of any of the par- 
 ties concerned in this iniquitous pradtice; 
 becaufe they are often men of credit, and 
 fometimes of authority, in their own coun- 
 tries, which are perhaps in alliance with 
 us in time of war, and therefore whatever 
 faife news they fend over, to anfwer their 
 private jobbing accounts, is not fo foon 
 fufpc<fled, nor its falfehood fo eafily de- 
 te(5led, as thofe which are made at home. 
 For in fiance, if a magidrate of a re- 
 nowned city, we will fay a burgomafter of 
 Amfierdam, whofe government is in alli- 
 ance or at peace with us, fends over a let- 
 ter to his correfpondent at London, in 
 which he affures him, that on fuch a day, 
 and at fuch a place, the French gained a 
 confiderable advantage over the Britifh 
 arms, and backs his intelligence with 
 orders to this correfpondent to fell out 
 loool. or 2000I. of his property in the 
 funds, becaufe he thinks this advantage
 
 HIS OWN BROKER. 57 
 
 gained by the French may prove detri- 
 mental to public affairs in England, and 
 endanger, or at lead greatly leflen the 
 value of our funds ; the public becomes 
 immediately affedled by this letter, at 
 lead fuch part of it as have concerns ia 
 the funds ; for it is fhewn publicly upon 
 ^Change, and proper care taken to fpread 
 the intelligence of his having ordered 
 Hock to be fold out : the gentlemen of 
 the Alley, who know the meaning of fuch 
 letters (fome of which during the lafl war 
 arrived with almoft every mail) receive 
 the intelligence differently, as it fuits their 
 different interefls ; thofe who want the 
 flocks to fall, take the utmoft pains to 
 propagate the intelligence, and to enlarge 
 on the authority, credit, and veracity of 
 the letter-writer ; but, to put the finifh- 
 ing ftroke to this fcene of Hock-jobbing 
 policy, they immediately fend, a copy of 
 the letter to the printers of fome of the 
 news-papers, at the fame time adviiing 
 all their employers to fell. 
 D 5
 
 S8 EVERY MAN 
 
 The unfufpedting public, on reading of 
 bad news, are eafily inclined to believe it, 
 becaufe it comes from a friendly quarter. 
 Were it taken from the Bruflels Gazette, 
 it would of courfe be a falfehood ; but as 
 it is a private letter from one of our friends, 
 who, we may fuppofe, would fooner give 
 the moft favourable than the worft account 
 of things, it is univerfally credited. *' The 
 *' patriot fighs for his bleeding country— 
 " the malecontent exclaims againft the 
 *' meafures of the miniftry, and damns 
 ^^ politics— ^the antiquated maiden, who 
 <' fubiifts dn'the annual income of her pro* 
 *^ perty in the funds, and the mifer, who 
 ^^ always hated paper-money, tremble 
 *' alike for their property, and reafon thus 
 ^^ with themfelves — Stocks are fallen fix 
 *' per cent, perhaps to-morrow it may be 
 *' w^orfe, and the following day worfe 
 " ftill ; better fell before all is loll. Alas ! 
 <« poor Old England, this national debt 
 ^' will be thy ruin one day or other ; well ! 
 *^ land cannot run away. Til e'en g@
 
 HIS OWN BROKER. S9- 
 
 «< into the city, and fell before it is too- 
 <' late." 
 
 With the fame idle fears, hundreds run 
 to the Alley, and fell on the credit of fuch 
 fort of letters, of which the foregoing, 
 taken from a real matter of fadt, is only a 
 fketch. The next day, the gentlemen 
 brokers of the oppofite party,, who want 
 the flocks to rife, take care to have this in- 
 telligence contradidted ;• then, thofe who- 
 have fold fee their error, and want to buy 
 in again, which if they do, they are obliged 
 to give an advanced price ; the Ihock is 
 over ; and the funds have recovered their 
 former price ; or perhaps a true piece of 
 good news has raifed them much higher 
 than they were, before our falfe friend's 
 letter was made public. To complete this 
 example of the mifchiefthat flock-jobbing 
 foreigners make, and which many of my 
 readers will allow is no exaggeration, there 
 remains only to inform the public, that this 
 worthy magi{lrate,at the time he fends this, 
 n^ws, and orders loool. to be fold cut^. 
 D 6
 
 6o EVERY MAN 
 
 fends private orders to bis broker to buy in 
 50,000!. (when the news has effedted 2 
 fall) in order to fettle his jobbing account 
 in the Alley ; for, alas! poor man, he 
 had engaged to deliver 50,000!. for the en- 
 fuing refcounters, which he had fold on 
 fpeculation at a low price, without being 
 poifefTed of it ; but it mattered not, " the 
 *^ French would fend 150,000 men into 
 *' Germany, the king of Prufiia would be 
 '« crufhed before the time of fettling ;'' 
 and 50;OOol. confcquently might be 
 bought at a much lower price than he had 
 fold it at, and the account be adjulled 
 greatly to his advantage. Thus embarked, 
 he naturally wifhes deftrudtiontoOld Eng- 
 land, which, as a foreigner, but more ef- 
 pecially as one of that nation whofe God is 
 felf-interefl*, is not fo much to be won- 
 
 * A French author fays, that hi Holland the de- 
 Tnon of gold, being crowned with tobacco leaves, 
 and feated on a throne ot'chcefe, is publicly adored. 
 —I fuppofe he had obfereed, that the Dutch make 
 
 •I
 
 HIS OWN BROKER. 61 
 
 dered at ; " but, O (hame, horrid ihame 
 ^^ to Englifhmen i ever to be engaged in 
 *^ contradls which mull make them wlih 
 *^ misfortunes may befal their country,'* 
 For once, however, the poor magillrate 
 finds his error, no misfortune has really 
 happened to England, or her renowned 
 ally ; and therefore he is obliged, as we 
 have feen, to forge a piece of bad news, 
 to lower the flocks as much as he can ; but 
 the mifchlef not having happened that he 
 had formed in his brain, his account ia 
 obliged to be finally adjufted greatly to his 
 difadvantage. 
 
 Numberlefs inilances of this fpecies of 
 flock-jobbing might be given; but the 
 author hopes that this one will fuffice to 
 give the common reader a diftind: idea of 
 the nature of it; and the judicious will 
 need no key to realize this, or any other 
 
 the/u^mum honum oi this life to conlift in having 
 plenty of thefe three afticles, gold, tobacco, and 
 chetfe,
 
 6z . EVERY MAN 
 
 chara(3:ers he may have occafion to de- 
 fcribe. 
 
 To this branch of jobbers alfo belong 
 the foreign ambafladors, miniflers, and refi- 
 dents at our court, with their numerous 
 train of fecretaries, agents, and other de- 
 pendants, honourable fpies, who watch 
 every opportunity to avail themfelves of 
 the folly of our Alley adventurers, and 
 who being earlier apprifed than the public 
 can pofiibly be of any alterations in the 
 pollure of affairs in the different courts of 
 Europe, likely to affedt our funds, play a 
 fure game, and often retire to their re- 
 fpedtive countries w^ith comfortable for- 
 tunes, acquired by this fure and eafy, 
 but moH infan:ious method. 
 
 A French ambafTador, the Count de 
 Guifnes> ftands charged (in printed me- 
 moirs) by his own fecretaries^. Meflieurs 
 Tort and Rogers, with having given 
 them orders, while he refided in Lon- 
 don, to game very deep in the Alley for 
 his Excellency's account, and^ while
 
 HIS OWN BROKER. 6^ 
 
 fuccefs attended their enterprizes, the 
 ambaffador received the profits ; but when 
 a long run of ill fortune brought them 
 confiderably in debt, his Excellency de- 
 nied having any knowledge of the tranf- 
 adilon, refufed to pay the balances againft 
 him, retired to France, and proiecuted his. 
 fecretaries for defamation: ' By his great 
 power and interefl he got them thrown 
 into prifon, but they publilhed juftifying 
 memorials, which convinced the unpre- 
 judiced, that the ambaffador had duped 
 them, and defrauded his Englilh flock- 
 jobbing creditors.. 
 
 The fecond clafs of ftock-jobbers are 
 our own countrymen, of almofl every rank 
 and denomination ; and as fome of very 
 high rank among us are extremely ad- 
 did:ed to common gaming,, it is no wonder 
 to find them deeply engaged in the more 
 refined and artful games of the Alley, 
 Thefe do more or lefs prejudice to the 
 public, in proportion to their flation and 
 influence;, and the fums they job for.
 
 64 EVERY MAN 
 
 Thus^ for inftance, a man who enjoys 
 any confiderable poll in the nation, by 
 which he may be fuppofed to have the 
 earliefl intelligence of all events that can 
 tend either to rife or fall the flocks, and 
 whofe veracity, or rather whofe honour, 
 w^ill not admit the fuppofition of his pro- 
 pagating a falfehood — if he happens to 
 be a jobber, and, in order to fettle a 
 great account in the Alley to his advan- 
 tage, Ihould for once fvverve from the 
 truth, and, upon his honour, report a 
 piece of news to be true, which is abfo- 
 lutely falfe — will do as much mifchief for 
 a Ihort time, as the foreigner already 
 mentioned. Again, the general of an 
 army, or the commander of a fleer, who 
 are jobbers, fhould they have a great deal 
 depending in the Alley, and their account 
 Ihould Hand fo as to require a fall of the 
 Hocks — if they difappoint the fanguine ex- 
 pedtatlons of the public, and, inftead of 
 gaining or purfuinga vidtory, only jufl do 
 as much as will barely fave their lives at a
 
 HIS OWN BROKER. 65 
 
 court-martial, becaufe they will not, by a 
 complete vidtory, raife thofe funds they 
 want to fall — are (lock-jobbers, who do 
 the public a double prejudice ; firfl:, by 
 not performing their duty in the important 
 fervices they are intrufted with ; and, fe- 
 condly, by cauling a fall in the funds that 
 may alarm and frighten many of the ad- 
 venturers and proprietors, and engage 
 them to fell out their property to a dif- 
 advantage. 
 
 I am fenfible that it will appear an ab- 
 furd fuppoiition to imagine, that perfons 
 in fuch high flations fhould be capable of 
 a negledl of duty on fuch bafe motives : 
 and indeed I will not pofitively aflert, that 
 we have ever had any inftance of it ; bur, 
 at the fame time, give me leave to obferve, 
 
 * that both ancient and modern hiftory 
 
 furnifh us with many remarkable inftances 
 of the bafefl adtions being committed by 
 men of high rank, and the mofl exalted 
 flations in government, for fmaller pecu- 
 niary advantages than thofe which might
 
 66 EVERY MAN 
 
 arife in the cafes here fuppofed — and that 
 the gain of twenty or thirty thoufand 
 pounds may, with the covetous, or pro- 
 digal in high life, outweigh the lofs of 
 honour, or a difgraceful fentence from a 
 court-martial. 
 
 . It mufl: certainly be of great advantage 
 to any ftate, to examine flrictly what gam- 
 ing connections of any kind theperfon has, 
 who is a candidate to reprefent the people 
 of this kingdom in parliament; for who- 
 fo likely to take a bribe, as he who lofes 
 thoufands in an hour, and pays his debts 
 of honour— like a man of honour. 
 
 Let us now proceed to the monied man, 
 who has no other influence or authority, 
 but that which his cafh gives him ; but 
 who, with the advantage of having a cur- 
 rent capital of ten or twelve thoufand 
 pounds, becomes a man of great confe- 
 quence in the Alley, and has no fmall in- 
 fluence on that part of the public, who have 
 any concern in the funds.
 
 HIS OWN BROKER. 6j 
 
 He deals- in the Alley with a defign to 
 double this fum by a much fpeedier me- 
 thod than by ailavifn, tedious application 
 to the fmali profits of merchandiiing. He 
 has experienced the furprifing effects of 
 flock-jobbing already, having increafed his 
 patrimony, by a diligent attendance in the 
 Alley, from two to twelve thoufand pounds, 
 and is now become an adept in the art : he 
 has not a friend or acquaintance whom he 
 does not attempt to convince of his fupe- 
 rior judgment in the funds, and that he has 
 the earlieft and moft authentic accounts 
 from different parts of the world (by pri- 
 vate letters) of all events that concern the 
 nation, and can any ways effed: the^funds. 
 Sometimes, when at war, he is well a flu red 
 that we are at the eve of a peace, and ad- 
 vifes all his friends to buy flock : this of 
 confequence procures a rife, v/hich was 
 what he wanted, being a ^ Bull of twenty- 
 
 * A Bull is the name by which the gentlemen of 
 'Change Alley choofe to call all perfons who con- 
 trail to buy any quantity of government fecurities.
 
 68 EVERY MAN 
 
 thoufand three per cent, annuities; and by- 
 propagating the report of an approaching 
 
 without an intention or ability to pay for it, and 
 who confequently are obliged to fell it again, either 
 at a profit or a lofs, before the time comes, when 
 they have contraded to take it. Thus a man who 
 in March buys in the Alley 40,000!. three per cent, 
 annuities, for the refcounters in May, and at the 
 fame time is not worth ten pounds in the world, or, 
 which is the fame thing, has his money employed in 
 trade, and cannot really take the annuities fo con- 
 tra(5ted for, is a Bull, till fuch time as he can dif- 
 chargehimfelf of his heavy burden by felljng it to 
 another perfon,and fo adjufling his account, whicjj, 
 if the whole houfe be Bulls, he will be obliged to 
 do at a confiderable lofs ; and in the interim (while 
 he is betwixt hope and fear, and is watching every 
 opportunity to eafe himfelf of his load on advaor ' 
 tageous terms, and when the fatal day is approach- 
 ing that he mufl fell, let the price be what it will) 
 he goes lowering up and down the Stock Exchange, 
 and from office to office ; and if he is alked a civil 
 queftion, he anfwers with a furly look, and by hia 
 deje6led, gloomy afped and morofenefs, he not badly 
 reprefents the animal he is named after. 
 
 A Bull is llkewife a perfon who has bought, and 
 adlually paid for, a large quantity of any new fund„
 
 HIS OWN BROKER. 6j^ 
 
 peace, he has engaged fo many people to 
 buy, that he has raifed the price, and by 
 that means has got rid of his twenty thou- 
 fand, at two or three per cent, profit. 
 
 Another time he has juft received intel- 
 ligence that the Spaniards are on the point 
 of joining the French, and will immedi- 
 ately affift them with a formidable fleet ; 
 he therefore advifes all his friends to fell 
 out, for flock will fall ten per cent, and 
 if they fell out now, they will have a fine 
 opportunity of buying in again much 
 lower. To confirm their belief of the 
 intelligence he has received, and to make 
 his pradice correfpond with his opinion, 
 he really fells out five or fix thoufand 
 pounds, which he has ready for this oc- 
 cafion in fome of the funds ; his unfufped:- 
 
 CGmmonly called fubfcription, while there is no 
 more than one or two payments made on it, but 
 who is unable to pay in the whole of the fum, and 
 confequently is obliged to part with it again before 
 the next pay-day.
 
 70 EVERY MAN 
 
 ing friends, being by this means convinced 
 of the truth of what he has related, fol- 
 low his example, and unlverfally fpread 
 the report -, fo that the great number of 
 perfons who are thereby induced to fell, 
 iind the coolnefs of thofe w^ho want to 
 buy, confiderably lowers the price, which 
 is all the good man aims at, who at this 
 time is a ^^Bear in the Alley of thirty 
 
 * A Bear, in the language of 'Change Alley, is a 
 perfon who has agreed to fell any quantity of the 
 public funds more than he is poflefled of, and 
 often without being poiTefTed of any at all, which, 
 neverthelefs, he is obliged to deliver againfl a cer- 
 tain time : before this time arrives, he is conti- 
 nually going up and down fceking whom, or, which 
 is the fame thing, whofe property he can devour; 
 you will find him in a continual hurry ; always with 
 alarm, furprlfe, and eagernefs painted on his coun- 
 tenance J greedily fwallowing the leafl report of bad 
 news ; rejoicing in mifchief, or any misfortune that 
 may bring about the wiflied-for change of falling the 
 flocks, that he may buy in low, and fo fettle his ac- 
 ccunrs to advantage. He is eafily diftinguiflied from 
 the Bull, who is fulky and heavy, iind fits in lomc
 
 HIS OWN BROKER. 71 
 
 thoufand pounds of feme of the annuities 
 or flocks, which he has now had an op- 
 portunity of buying to adjuft his account 
 with, on much better terms than he could 
 have bought them, if it had not been for 
 this news ; and the lofs he has fuftained 
 on the five or fix thoufand pounds (fold on- 
 ly as a blind) is trifling, in comparifon of 
 
 cerner in a melancholy poflure : whereas the Bear, 
 with meagre, haggard looks, and a voracious flerce- 
 iiefs in his countenance, is continually on the watch, 
 feizes on all who enter the AUe}-, and by his terrific 
 weapons of groundlefs fears — and falfe rumours- 
 frightens all around him out of that property he 
 wants to buy ; and is as much a moniier in nature, 
 as his brother brute in the woods. The author 
 hopes this, and the foregoing note, will be carefully 
 attended to, as he fliall often have occafion to men- 
 tion thefe two brutes in human form ; and will not 
 give any farther defcription of them, imagining this 
 fufficient, not only for the underflanding this little 
 treatife, butlikewife fully to defcribe them, and the 
 difference between them, to all tolerable judges of 
 phyiiognomy, who may hereafter meet with them in 
 their vifit to the Stock Esthange, the Bank, or any 
 other public offices. 
 
 3
 
 72 EVERY MAN 
 
 the lofs he has prevented, or perhaps of the 
 profit he has made, on clofing his flock* 
 jobbing account. To finifh this charadter, 
 let me inform the public, that the letter of 
 intelligence on which this fcene of adtion is 
 founded, was made abroad, by the gentle- 
 man's defire, and according to his own 
 form, to anfwer this very end. Nay, if 
 that could not be contrived, for want of a 
 correfpondent abroad, it was very eafy to 
 fupply that defed: by means of any Ger- 
 man, French, or Dutch clerk, in the 
 compting-houfe at home. 
 
 Next to this clafs of jobbers follows a 
 whole group of characters, who are mer* 
 chants, tradefmen, and Ihopkeepers of va- 
 rious kinds; and who cannot reafonably be 
 fuppofed to have laid out their capitals in 
 the funds. To fay the truth, the greateft 
 part of them have not a Ihilling of property 
 in any one of the government fecurities. 
 Thcfe men therefore walk the Alley on 
 credit and honour ; that is to fay, as they 
 are known to be fubilantial tradefmen, and
 
 HIS OWN BROKER. 73 
 
 men vvhofe word (in the city ftyle) is as 
 good as their bond ; they have nothing to 
 do but to give orders to a broker to buy 
 them 50 or 6o,oool. of any of the funds, 
 for any particular time, or to fell the fame 
 fum. This order is executed as foon as the 
 tradefman has aflured the broker, that he 
 will adt upon honour, and pay any lofs that 
 may arife upon doling the accounf^. 
 
 *^ Some tradefmcn, or rather merchants, of great 
 eminence, have occaiionally given a terrible blow to 
 Hock-jobbing, by refufing to pay the lofs on their 
 jobbing accounts, artfully pleading the a6l againil 
 jobbing, mentioned in the former part of this work, 
 which declares all Hock-jobbing bargains to be ille- 
 gal, null, and void. A few more inftances of this 
 tind will anfwer the end of extirpating this infamous 
 practice, more efte£tually than twenty adts of parlia- 
 ment ; but is by no means honourable or equitable, 
 for the unfortunate broker, in this cafe, is made ref- 
 ponlible to his brethren for the lofs, and mufl adjull 
 it with them, or lofe his credit : it is therefore the 
 fatality of this expedient, not the equity, that I 
 mention as a means of fuppreffing time-bargains, 
 which have no foundation in real property. 
 
 E
 
 74 EVERY MAN 
 
 We uirl fuppofc for a moment then, that 
 one of thefe people in trade is a coffee- 
 houfe politician ; and has lately in his own 
 imagination found out, that fome cofinec- 
 ti.)ns the adminiftration are on the point of 
 entering intoabroadjCrfomemeafures they 
 are likely to take at home, will tend to 
 raife the (locks confiderably, which now 
 bear a low price. Fired with the idea of 
 greater gain, and much eafier to be pro- 
 cured, than any he could hope for by an 
 attendance on his warehoufe, he quits it, 
 and runs into the Alley, w^ere he gives or- 
 ders to buy 70,ccol. three per cent, an- 
 nuities, for the following refcounters : wheji 
 this is done, he returns home fully fatisfied 
 vnth his fuperior judgment; and, to make 
 his cafe the better, he once more quits his 
 Ihop earlier than ufual in the evening, to 
 entertain hisftliow-citizens, at fome punch- 
 houfe or tavern, with an harangue on the 
 great advantages we are likJy to gain over 
 the enemy in a ihort time ; and aiTures 
 them, that now or never is the time to get
 
 HIS OWN BROKER. 75 
 
 money by buying flocks : and if, luckily 
 (in time of war) there is a town befieged 
 b.y • the Britifh forces, he is ready to lay 
 nine to one all round the room, that it is 
 in our hands before the thirtieth of May 
 (the time, we will fuppofe, his account is 
 to be fettled) This fatal day however ad- 
 vances, and no fortunate news arrives.-— 
 The good broker waits on his friend to ac- 
 quaint him that the time is drawing nigh ; 
 and defircs to know- what is to be done 
 with the 70,0001. annuities, which he well 
 knows the tradefman never intends tatake. 
 ^'. The y.oung citizen replies by inquiring 
 /' if there is no news with the lafl mail, 
 *^ no rumor of a peace, nor no advantage 
 *' gained over the enemy ; to which the 
 " fcemingly melancholy broker anfwers, 
 " No,dearSir,quite thecoritrary; thereis 
 ^^ a report that we have lofl a battle j and 
 <^ that there will foon be a change in the 
 ^^ miniftry. — A change in the miniftry ! 
 *^ heaven forbid ! then we are all ruined : 
 ;f^ and do you really believe it, Mr. Long- 
 E 2
 
 ^6 EVERY MAN 
 
 " ihanks ? Yes, Sir ; upon my honour, I 
 <^ am afraid it is too true, for they are all 
 *^ turned fellers to-day, and three per cents. 
 *' are fallen four per cent, below the price 
 *' you bought at ; and they fay the houfe 
 <^ are Bulls for the refcounters. The devil 
 *' they are, Sir! why what would you ad- 
 *' vife me to do then ? I fhall lofe finely, I 
 •* fuppofe! Do, Sir! why 1 think — I think 
 <« — I would advife you to fell, and clofe 
 •' the account ; for I am afraid you will 
 *' only make it worfeby flaying till the laft 
 <« day. If indeed, either Continuation 
 •' or Backadation would ferve your 
 <* purpofe, I would keep the account 
 *' open, but the complexion of the mar- 
 *« ket will not warrant any farther rifk *. 
 
 * Continuation is a premium given when 
 the price of a fund, in which you have a jobbing 
 account open, is higher for /m^ than for ready 
 monevi and your fettling day is arrived; fo that 
 you mufl take the flock at a difadvantage : in this 
 cafe, you give from i to 3 per cent, to put off the
 
 HIS OWN BROKER. 77 
 
 " It is a little unlucky, to be fure ; but 
 *^ we ihall recover it again, and more to 
 " it, next refcounters. Shall I fell. Sir > 
 *' — Why, yes ; the firft lofs is befl ; and 
 " pray let me have the account, that I may 
 ^^ dilchar2:e it, for I lliall be out of town 
 " on the fettling day." In a fhort time, 
 Mr. Longfhanks returns, and thus conti- 
 nues the fcene : " Well, Sir, I have done 
 '^ it at lail at I t ; I believe the people are 
 ^* mad. — I thought I fhould never have 
 ** got it done ; — they are all fellers to a 
 •* man, — ^Weli, I muft make all the hafte 
 *^ I can to Sir Solomon Wronghead, for 
 ** he is a Bull of half a million ; and I muft 
 *^ advife him to fell before things grow 
 *' worfe. Here, Sir, is your account. 
 
 fettlement, and continue the account open for a 
 month, or three months, 
 
 Backadation means a confideration given to 
 keep back the delivery of flock when the price is 
 lower for time than for ready money. 
 
 E3
 
 78 
 
 EVERY MAN 
 
 Feb. 28tb, 1784. 
 Bought for Mr. Deputy 
 Dowlas 7o,ocol. three 
 per cent, annuities for 
 the refcounters in May, 
 a, 61. 
 
 May 25th, 1784. 
 Sold for Mr. Deputy 
 Dowlas 70, ocoi. three 
 per ceiit. ar.nuities for 
 Tr.: V refcouDtcrs, a, 
 56I. 
 
 " ThedifferenceorlofSjSIr, "J 
 
 "is 4-;- per cent, which ^3150 o 
 ** comes to J 
 
 *' And my commiffion for 
 <^ buying and k 
 " per cent, is 
 
 million for J 
 liingatan I f 
 
 ty 10 
 
 3237 <io o 
 
 ^* Well, Sir, you will write^a receipt, and 
 " I will give you a draught upon my 
 " banker for the money. Pardon me. Sir, 
 *' you know this whole tranfadion is'cx- 
 preilly againfl adt of parliament*, and 
 
 ftC 
 
 * See an ad 7th Geo. II. intitled, An a6t the 
 better to prevent the infamous pradUcc of ftoct- 
 jobbing.
 
 HIS OWN BROKER. 79 
 
 ** therefore we never give receipts, ricr 
 *' take any; aW i.. upon honour, Sir, which 
 " you will know by an J ^Vj vvhen I have 
 *^ a larger balance to pay you. Well,, Sir, 
 " how ihail I write you in the di"iught ? 
 " Pray what is your chrillian name ? Ob, 
 ** Sir, you need not be particular, only 
 *' write — To Jemmy Longfhanks, or 
 " bearer, that will be fnfficient : you may, 
 ** add, if you pleafe, Captain-general of 
 " the band of gentlemen ftock-brokers — 
 *' Sir, I thank you ; I hope we fholl have 
 ^^ better fuccefs another time. I hope fo 
 *' too ^ Mr. Longfhanks, a good day to 
 <« you — Sir, your very humble fervant." 
 This example may be multiplied to a 
 thoufand; but as the neceiTary explanatiofi 
 of it has taken up more room :hau 1 ima-^ 
 gined, I fi)all wave giving any further.jni- 
 fiances of the fame kind, and fliall leave 
 the judicious reader to form a cafe, per con- 
 tra, w^herein a trader fells for the refcouiv 
 ters, and wants to lower the price, in order 
 
 E4
 
 «o EVERY MAN 
 
 to buy in, under what he has agreed to de- 
 liver at; and to follow this man to the 
 coffce-houfe, where he will be found ex- 
 claiming againft the meafures of the mini- 
 ftry, and pronouncing the nation to be on 
 ,the brink of ruin. 
 
 f-Jn the roon:i of other examples, I Ihall 
 here introduce fome remarks, which I hope 
 the public will think deferving of the mofl 
 ferious attention. 
 
 Granting then, that any tradefman of 
 this great metropolis has adted fuch a part 
 as I havejufl defcribed, can itbefuppofed 
 that he will fit down quietly with his lofs ? 
 a lofs — which the profits of his trade will 
 not, perhaps, recover in many years. No, 
 certainly, he will fport again, and^probably 
 a fecond lofs may lead the way to bank- 
 ruptcy : or grant that he gains, it is all 
 upon honour ; and perhaps when the day 
 comes that he is to receive a balance in 
 his favour, which would indemnify him for 
 his former lofles, his broker turns out a
 
 HIS OWN BROKER. 8i 
 
 Lame Duck * ; by which he has the mor- 
 tiiication of lofing this balance without re- 
 fource, and probably of feeing his broker 
 re-eflabli(hcd at the Stock Exchange, for 
 a paltry compofition to his creditors within 
 the houfe, while he himfelf is declared a 
 bankrupt for inability to pay his lawful cre- 
 ditors their juft demands; which inability 
 has arofe from his having too punctually 
 paid his debts of honour to the honour- 
 able gentleman, who has now left him 
 to Ihift for himfelf. 
 
 But the word of all is, that, confcious 
 of his own folly, he has never placed this 
 great lofs to account, and his books being 
 regularly kept, except in this particular, it 
 appears upon the examination under the 
 commiflion, that a large fum has been re-., 
 
 * A name given by the Brokers to thofe who 
 refufe to fulfil their jobbing contracts. There are 
 fome of thefe at almoft every refcounter. The 
 punifliment for non-payment is banilhment from the 
 Stock Exchange, but they can ftill aCt as brokers 
 at the Bank and other public offices.
 
 82 EVERY MAN 
 
 ceived In a fhort fpace af time, artd no ac-' 
 count Is given how it is expended ; this 
 naturally leads to an enquiry of the bank- 
 rupt what is become of the money ? To 
 which he will perhaps anfwer (if he is a 
 man that is not pad the time of life for the 
 indulgence of fenfual pleafures) that he has 
 fpent it in high living, and on women ; 
 for the lafl: of vices that a man of fpirit 
 would choofe to own, is gaming, as it 
 carries with it no excufe, having no gra- 
 tification to plead ; and is befides the mod 
 blameable of any'in a tradefman. This 
 account not proving fatisfadory, he is. 
 condemned for the fuppofed fins of his 
 youth, but in reality for his follies in the 
 Alley^ to a perpetual imprifonment, per- 
 ils ps, to an ignominious death. 
 ^'. IfynTnilanceof tbis^kind happens only 
 OTice In ten ^^ears/ls it not enough to make 
 an humane people lament that fuch a gam- 
 ins fcheme fubfifts in the very heart of the 
 eity'? Ought"' It not to filence ail clamours,' 
 as well as aUi'ampocfns andfatires on card-
 
 HIS OWN BROKER. 83, 
 
 playing at the court end of the town >- 
 For how trifling are the fums generally 
 played for at cards, in comparifon of the 
 deep flakes in the Alley ? How infinitely 
 do the confequences fall fhort of thofe 
 which attend gaming in the funds? In one 
 cafe, noblemen and gentry dip their eftates^ 
 andimpoverifli their families; in the other,, 
 fubdantial merchants and citizens, who 
 are the very foul of commerce, are ruined ;> 
 and the flate, which fubfifls by the extent 
 and flouriihingconditionof its commercial 
 intereft, mult fuffer in the end. 
 
 Again, let it be> confidercd, that in* 
 fome, at leaft, of our grand card aflem- 
 blies, all foul play is excluded; and the 
 chances are equal," except where fuperior 
 fkill in the game gives the advantage^ 
 Now no fuperior fkilPin any game at card* 
 can give an advantage equal to that which 
 the crafts and fubtleties»prad^ifedby the oldl 
 fi'ancards in the Alley, gi-ve tliem over the 
 young and unexperienced; and this Ihould 
 not only deter men frgm engaging on (uch 
 E 6
 
 84 EVERY MAN 
 
 unequal terms, but fhould likcvvife induce 
 them to be very fparing of their refledlions 
 on thofe who have loft confiderable fums 
 in the Alley, and have quietly fat down 
 with the lofs ; fince fuch perfons might be 
 Ignorant at iirft, that the practice of ftock- 
 jobbing was diihonefl in itfelf ; or that, in 
 order to fucceed in it, a man mull diveft 
 himfelf of every fentiment of humanity 
 and integrity, and muft be deaf to the cries 
 of the wretched whom his fuccefs has re- 
 duced to mifery ; he therefore, who, hav- 
 ing found his error, fubmits to the fatal 
 blow, and tamely wears the name of diipey 
 rather than flay in the Alley till he be- 
 comes 2Ljharper, merits the compaflion, 
 if not the applaufe of a Chriftian people. 
 A French author very juftly fays ; 
 
 Le defir de gngner, qui nuit & jour occupe. 
 
 Eft un dangereux alguillion, 
 Souvent quoique I'efprit, quoique le coeur 
 foit bon. 
 
 On commence par ctre dupe, 
 
 On fiiiit par ctre fripoii.
 
 HIS OWN BROKER. 8^ 
 
 Happy therefore is that man, who has only 
 the folly of being a dupe to refled: on ; 
 and not the infamy of (laying in the Alley 
 till he became a fripon, or fharper. In a 
 word, the chance of gaining is very fmall, 
 and the uncertainty of being paid, when 
 you gain, very great ; for w^hich reafon, t 
 intreat thofe who have not yet entered the 
 Alley, never to frequent it on a jobbing 
 account; and thofe who have fin n el:! al- 
 ready, to go their ways and fin no more, 
 left a worfe thing come unto them ; iefV 
 their fortunes, together with their liberty, 
 fall a facrifice to the fatal confequences of 
 repeated loffes in the Alley, and their 
 names, which once ftood foremofl in the 
 bright records of unfullied honour, fhould 
 be funk into oblivion, or, by the hafty* 
 judgment of an uncharitable world, be 
 branded with undeferved infamy. For how 
 few are there in our day, who entertain the 
 fentiments of a late noble author, " Con- 
 " vinced as I am (fays he) that every man 
 •* has his failings, and that few are exempt 
 I
 
 86 EVERY MAN ..ix 
 
 ^^ from malice, I Ihall never be ready to 
 " confirm a report to the prejudice of my 
 '^ neighbour's honour ; for if he proves 
 Y guilty, I Ihall be forry to increafe the 
 ^^ burden of his crime by my refle(5tions; 
 *' and if he is found to be innocent, I 
 ^^ Ihall be charmed to think that I was 
 <^ not of the number of his calumniators." 
 Chesterfield. 
 
 To confirm the obfervationslhave made 
 in the preceding fecftion, I am now at li- 
 berty to lay before the public a fhort ac- 
 count of a tranfadtion between a broker 
 and his principal in the year 1761, which 
 has hitherto been fuppreffed, out of ten- 
 dernefs to the principal, lately deceafed. 
 
 The principal, a Weft India merchant, 
 having fuftained great lofTes in the courfe 
 of his commercial connexions, fell upon 
 the expedient of jobbing in the Alley to 
 retrieve himfelf. With this view he em- 
 ployed his broker, about the month of Ja- 
 nuary, 1761, to buy for him a very large 
 quantity of the current fubfcription of that
 
 HIS OWN BROKER. 87 
 
 year, I think 70 or 80,000, for the fol- 
 lowing month, having, as he thought, fuf- 
 iicient grounds to imagine that a peace be- 
 tween England and France would foon be 
 made, and confequently that all the funds 
 would rife confiderably. The commiflioii 
 was '^x^cuted, and it appeared afterwards 
 that the 'broker^ on the flrength of his 
 principal's intelligence, bought largely for 
 himfelf : the month of February ended, no 
 peace took place ; the bargain was conti- 
 nued on for March, and the difference (the 
 price being againft our adventurers) was 
 paid in the Alley : March, April, and May, 
 proved ftill more unfuccefsful; a coolnefs 
 between Mr. Pitt and Moni. de Bussy, 
 (the Frenchman having the Spanifh- pro- 
 mife of fuppoit in his pocket) lowered all 
 the funds confiderably, and the broker now 
 beginning to fufpedt his friend's intelli- 
 gence or judgment, after receiving frora 
 him the drfference for May, turned over 
 his own feparate bargain to him : ^ bus our 
 principal became more deeply engaged
 
 a$ EVERY MAN 
 
 for June, and the lofTes he had already 
 paid for the differences through the pre- 
 ceding months, between the price he 
 bought at, and the price at the end of 
 May, amounted .to fome thoufands. June 
 and July produced the fame effedt ; then 
 the difference to be paid by our prin- 
 cipal amounted to fo large a fum, that he 
 could not furnifh it in cafh, and there- 
 fore for this month's fettling he gave notes 
 of his hand to his broker, which were re- 
 ceived by him at that time as cafii, nor 
 did he make the leaft objedtion to them, 
 but declared to him that all was adjufted, 
 and his account continued on for Auguft, 
 In the courfe of that month, the profped: 
 of peace revived, and fuch was the na- 
 tion's opinion of Mr. Pitt's abilities, that 
 conceiving he muft make a moft advanta- 
 geous treat)^, the funds rofe confiderably, 
 which gave our principal an opportunity, 
 by felling at the then advanced price, to 
 clofe his account, and to recover the 
 greaieft part of what he had hitherto loff, ■
 
 HIS OWN BROKER. S9 
 
 and faithfully paid to his broker for dif- 
 ferences, llefolved now to dabble no 
 more in the Alley, and convinced of his 
 error, be communicated his intention to 
 his family ; fnatched up the News-paper 
 of the day, and drove away to find his 
 broker ; but, gracious heaven ! who can 
 defcribe his agony, when the perndipus 
 wretch told him, he had no fubfcrlption of 
 his to fell ; that ever fince our principal 
 had given notes inftead of caih, he had no 
 account open for him at Jonathan's — for 
 his brother brokers infilled upon clofing it, 
 and would not give him credit to continue 
 it on for Auguil. It was in vain to remon- 
 flrate, no redrefs could be obtained, but 
 by applying to the laws of the land ; an 
 injundlion was obtained to prevent the 
 circulation of the notes flill remaining in 
 the broker's cuftody, amounting to many 
 thoufand pounds; and a fuit was com- 
 menced againft him in the Court of King's 
 Bench for perjury, in his anfwer to a bill 
 that had been filed againll him in the
 
 90 EVERY MAN 
 
 Court of Chancery, to dikovr?!-. for what 
 •valjable conficleration tbf :e notes b.ad 
 been given. The author of this atife 
 •was confuked in vhis cafe, on the ,: .lureof 
 the fraud, and he ioon found the deceit. of 
 the whole bufineis : it evidenii}* sppeared 
 to him, that tie broker had finaUy fettled 
 and adjuited the whole account in Ma\-, 
 when he pretended to turn over his own 
 private bargain to the principal ; that if 
 fcrip (the fubfcription) had rifen in June, 
 he would have given him the fame anfvver 
 he gave him in Auguft, viz* that he had 
 none belonging to him ; but as it kept 
 falling every month from May to Auguf^, 
 he continued to charge aqd receive the 
 differences, as if ,he had flill had the con- 
 trails fubfifling at Jonathan's ; a»nd in- 
 ftead of paying ihem, as he alledged in 
 his anfwer, to his brother brokers, it 
 plainly appeared by the indorfement of 
 thofe notes he had negociated, and by 
 thofe remaining in. his hands, that he had 
 kept the whole for himfelf, amounting to.
 
 HIS OWN BROKER. 91 
 
 14,000!. The caiifc; never came to a 
 trial, being put off one terrri for want of 
 one of the broker's books, viz. for May, 
 and before the next, the gentlemen of 
 the Alley, to avoid the expofure of this 
 piece of iniquity, compromifec. the zftim 
 with the principal ; and as a proof of the 
 fraud, the notes not negociated, were im- 
 mediately given up. 
 
 To this inflance, another was added in 
 the year 1776, when a very capital bro- 
 ker, in conjundtion with a quondam ban- 
 ker, drew in a naval officer to job for a 
 confiderable fum in India Stock. The 
 bait held out was, a confiderable rife to 
 happen upon an accommodation between 
 Great Britain and her Revolted Colonies, 
 This' defirable event, they afTured him, 
 would be very foon accompliflied. In 
 the mean time, the bankrupt banker, 
 who had turned jobber, drained the of- 
 ficer's purfe for money to pay the differ- 
 ences, the flock conflantly falling inflead 
 ©f rifing, befides which > they made him
 
 92 EVERY MAN 
 
 in future months, indebted to them a con- 
 fiderable fum ; at length, when a rife 
 came, wh4ch would not only have fet the 
 officer clear, but have produced a large 
 balance in his favour, .the broker became 
 a Lame Duck, the friend pretended that 
 he had long before been infolvent, and 
 both had the impudence to menace a fuit 
 againft the officer for their pretended debt 
 due from him. But fortunately for them- 
 felves, they were prevailed upon by their 
 own attorney to defift, and the poor de- 
 luded officer, on his part, was obliged to 
 fit down quietly with the lofs. 
 
 In ftiort, the jobbing brokers are the 
 only perfons, who have been known to 
 raife fortunes by jobbing, all the lojing ac- 
 counts being for their employers, and all 
 the zoiMning for themfelves. 
 
 But, in order to demonftrate this more 
 clearly, it will be necefTary, in the next 
 place, to give an account of the tranfac- 
 tions of the professors of the art and 
 myftery of i^ock-jobbing, who, like the
 
 HIS OWN BROKER. 93 
 
 members of other colleges, have different 
 Degrees, according to the extent of their 
 genius, or the length of tinfie'they have 
 belonged to the fociety. At the Stock 
 Exchange there are Servitors, Novices, 
 Pupils, Tutors, and DoEiors ; the latter 
 of whom are eaiilj'' known by their pride 
 and arrogance, which breaks forth upon 
 every occafion into declamations againft 
 frejl)-rnen or novices i and in praife of their 
 own fuperior fkill and dignity. — If any of 
 my readers have ever employed a Dodtor 
 in the art, they will eafily recoiled: fome 
 fuch advertifements of his fkill, as this — 
 *' 1 am alvyays to be found in the very 
 *' worft times, and know how things 
 *' ftand, and the trim of the houfe, bet- 
 ^< ter than thefe young boys, that live but 
 ^< a few days in the Alley, and then arc 
 ** heard of no more ;" — which means 
 only, that they can (have clofer than the 
 young ones ; which may be taken either 
 in a literal, or a figurative fenfe, for more 
 than one of the principal brokeis in the
 
 94 .^ .EV^ERY M'AN 
 
 Alle}^, at the time of publiihing the firft 
 edition of this trad, had been barbers. 
 Tutors are thofe who take Novices for 
 their Pupils, and finding their ignorance 
 (owing to their innocence) make bargains 
 with them, and bring them into credit 
 with the houfe, in which they fuifer therti 
 to go alone, as foon as they have tricked 
 them oat of half their fortunes, for teach- 
 ing them an art, which, if they have 
 any honefly left, they quit as foon as they, 
 know- the infamy of it, leaving their tu- 
 tors to enjoy the fruit of their guilty in- 
 flrudtions.— The tutorfhip has generally 
 been in the hands of Jews, and, with' 
 great propriety, one Aaron was for many 
 years high-priefl. Servitors are thofe who 
 wait on their makers commands, and are 
 ready to do all the dirty bufinefs they order 
 them; and which they do not. care to ap- 
 pear in themfelves ; foch as afTerting — 
 that flocks were done at a different price 
 than they really were, at any particular 
 hour— ^or buying and felling under-hand 
 
 5
 
 HIS OWN BROKER. 95 
 
 for their mafters, a large quantit}' of any 
 of the funds for the refcounters^ in order 
 to raife or fall the flocks at pleafiire, which" 
 bufinefs they tranfaCl with a brother Servi'-. 
 tor, who is in the plot •, and, after the end 
 is obtained for which thefe bargains ^vere 
 made, they are cancelled, and the bounty 
 of the mailer is equally divided, which^ 
 by the bye, is but very fmall ; and there- 
 fore the Servitors are to be dlliinguifhed by 
 their ihabby appearance, and their fre- 
 quenting the door of the Stock Exciiange, 
 which they can feldom afford to enter. 
 
 I rcQiember indeed one exception, which 
 was of a favourite Servitor, who was one 
 morning employed to tranfad: fuch part of 
 a great Doctor's bufinefs, as he himfelf 
 could not perform for want of time; and 
 his allowance, for this overplus on the 
 other's bufinefs^ amounted to fifteen pounds 
 ileriing; by this it appears, that jobbing 
 muft be the principal fupport of, and what 
 enriches the gentlemen of the Alley ; for 
 it 15 next to incredible that any broker
 
 56 EVERY MAN 
 
 (who was only moderately fond of wealth) 
 ihould really transfer in one morning, be* 
 twixt the hours of nine and twelve, fo 
 much flocks, or annuities (for which he 
 has no more than two fhillings and fix- 
 pence per cent.) as would enable him to 
 fpare his Servitor fifteen pounds : but when 
 once a jobbing account enters the lifts, as 
 there are no bounds to this fort of gaming, 
 it is not to be wondered at, if, on a fettling- 
 day, after any refcounters, a Dodtor of the 
 Alley fhould be obliged to take a Servitor 
 at the rate of twenty pounds per diem*.: 
 
 ♦ After the publication ot" the fourth edition of 
 this work, a gentleman communicated to the author 
 the following anecdote — That there was an office not 
 far from the Exchange, kept by two brokers, whofc 
 commiffions for one year amounted, upon a mode- 
 rate calculation, to a hundred pounds, one day with 
 another; and fo poiitlve is he in his computatioR, 
 that he adds, he would willingly have rented the 
 profits of their office, at the clofe of the war, at that 
 lum, every day from the firfl report of a peace. 
 Thefe gentlemen are now elevated to the dignity 
 €t" bankers.
 
 HIS OWN BROKER. 97 
 
 another part of the Servitor's bufinefi is, 
 to make and carry paragraphs of falfe in- 
 telligence to the printers of public papers, 
 whom we often find confeffing that the/ 
 Were impofed upon fn particular articles 
 of news : it were to be wiihed that this 
 spology was ahvays true; and that the 
 public might have no room to fuppofe, 
 that for five fliillings,they infert any piece 
 6f intelligence, without conildering the 
 confequences. 
 
 The gentlemen of the Alley have like- 
 wiie their Terms and Vacations ; but there 
 are no ftatcd times for thefe in general, 
 though, in tiaie of war, we may fix the 
 commencement of their principal term to 
 the beginning of November, or the meet- 
 ing of Parliament; and its duration to the 
 end of the foilov/ing March, or the time 
 of circulating the Minifler's Budget in the 
 market. 
 
 In this Term, there are feveral forts of 
 bufmefs to tranfadt, v/hich keep the Alley 
 m a pcrpetvral ferment withput the leait re- 
 F
 
 9S EVERY MAN 
 
 hxation ; infomnch that even many of the 
 Dodtors are obliged to lay up their equi- 
 pages^ and others to fend their high-bred 
 Lnnters to the livery ftables. The very 
 licight of Term is, a few days before the 
 drawing of the lottery, when thofe who 
 have contradled to take, or are already pof- 
 fefTtd of more tickets than they can pof- 
 fibly hold (in the language of 'Change- 
 Alley) begin to open their budget, or to 
 let the cat out of the bag, and thefe may 
 not improperly be fl:yled the Bulls, plain- 
 tiffs ;-~and the oppofite party, who have 
 agreed to deliver a quantity of tickets 
 without being poflelTed of them, the 
 Rears, defendants. The caufe is de- 
 pending nine months, before it comes to a 
 final iliuc; there are indeed little trials 
 of &ill betwixt the Bulls and Bears at the 
 end of every m.onrh, from February to 
 November, becaufe for each of thefe 
 months, there are contra(fls m.ade for 
 twenty times as many tickets as there are 
 in the whole lottery ; but the grand and
 
 HIS OWN BROKER. 99 
 
 iinal decifion is on Friday before the iirft 
 day of drawing, when that is appointed 
 by the Lottery Ad: to be on any Monday ; 
 but when it is ordered to commence far- 
 ther on in the week, then the day of 
 fettling at the Stock-Exchange is altered, 
 fo as to make the fettling of accounts 
 happen a day or two at mcfi; before the 
 drav/ins; bee^ins. 
 
 It would be tedious, and indeed in fomc 
 meafure needlefs, to give more examples 
 than one of the chicanery pradlifed by the 
 ProfcfTors of the college, and of the va- 
 rious artifices they make ufe of to impofe 
 on each other, and the public in general ; 
 becauie the fame meafures muft be pur- 
 fued, 3fnd the fame tricks played, for all 
 jobbing accounts, in every different branch 
 of the funds: for which reafon I lliali con- 
 fine myfelf to a jobbing account in the lot- 
 tery, as being that which afFeds a larger 
 body of the public than any other; for 
 there are numbers who annually adventure 
 in Lotteries, who know nothing of the 
 F 2 ;
 
 100 EVERY MAN 
 
 other funds ; and probably have no pro- 
 perty in them. 
 
 As a profe writer, and only a bare nar- 
 rator of fads, I cannot properly call in the 
 afliilance of the fairy train, nor yet con- 
 jure up aerial fpirirs to convey my readers 
 through the jarring elements to the place, 
 whcre^ for my own convenience, I would 
 have them tranfported ; I fliall therefore 
 only (imply in treat them to awake the 
 powers of their imaginations, and by their 
 Hrength, fuppofe themfelves conveyed to 
 the famous college of jobbers, not inferior 
 to any college of jefuits; where I m.uft 
 leave them to recoUcdl, and call up the 
 idea of Bartholomew Fair, or fome coun- 
 try wake, that they may have a juftrefem- 
 blance of that horrid din of confufed 
 voices, and that motley appearance of 
 various chara<5Lers, which prefent them- 
 felves to their view, at their entrance into 
 the college — while I for a mom.cnt paufe 
 —to confider in what language and form 
 1 fhall evplain the fubjeds of their wild 
 uproar.
 
 HIS OWN BROKER, loi 
 
 Shall I throw it into dialogue ? No; it 
 is impradiicable; for it confifts of fuch a 
 medley of news, quarrels, prices of dif- 
 ferent funds, calling of names, adjufling 
 of accounts, &c. &c. continually circulat- 
 ing in an intermixed chaos of confufion, 
 that it will not admit of digefiing into that 
 pure, decent method of expreffing a fami- 
 liar converfation • 
 
 Shall I invoke the comic mAife ; and in 
 her lively vein of humour expofe the de- 
 formity of thefe fons of iniquity ? No ; 
 the chara^flers are too low, the fubjed: too 
 mean, and the plot too dirty, iinlefs I was 
 writing fot a (IroHing company, and the 
 piece were to be reprefented in a booth on 
 a common, in the wilds of Kent. 
 
 Since then no borrowed ftyle will fuit it, 
 nor no chara(flers aptly reprefcnt it, let me 
 give the explanation in their own language; 
 and only inform fuch of my readers as 
 are not likely ever to fee the Stock-Ex- 
 change in reality, that their nonfenfical 
 medley of difcourfe nearly refembles the 
 
 F3
 
 xoz EVERY MAN 
 
 advertifements of the once famous orator 
 Henly^ a fpecimen of which I have pro- 
 cured, that the public may judge for 
 themfelves *• 
 
 * Jan. 30, 1756. K. Charles I.'s Chnrge to 
 Henly's Jury ! At the Oratory K. GEORGE^s 
 Chspel 
 
 Sunday — N. B. Laft Lord's day two or throe 
 puzzlcpatesfaid — I had too much Divinity, on the 
 Thomas's and John's — was too grave — Brethren 
 Prcfbyteiians fay — Religion is a grave Thing ; and 
 1 am not grave enough : Split the difFerence, but 
 don't fplit me ; Blefled K. Charles I. in the Com- 
 mon Prayer-Book ; Ora pro nobis ; And for thy 
 Grand Nephew K. George ! And my Reafons; 
 Loyal to the Hilts! And God's Providence and 
 Man's Duties, — I hope that is grave — the Bible 1% 
 wife and merry, — whether Ghrift was for fading or 
 againft it, 
 
 Louis's Challenge and St. J's's Anfvver — GenI, 
 Tohnfon refi^n'd — Pr. NafTau's heart ! — Mr. Whit- 
 lie'd's Vi6lory — —The art of Starving, and th« 
 Brightell fliort Stripes, all for the Good of the 
 People, who, therefore, will be for me, and I'll 
 beat their Impoverifliers — after that the befl in the 
 Houfe — 1 0,062 — Henly ! be boldcfl in the Land of 
 Reafon — and Speech on Speech— difpatch thy Foes 
 --Blood for Blood »
 
 HIS OWN BROKER. loj 
 
 The grand fcene opens a little after 
 
 tvvelv^e at noon (at which time the transfer 
 
 books of mod of the offices are fliut for 
 
 the day) and generally the a6Vors hold forth 
 
 in the following manner, and almoft all at 
 
 once : "Tickets — tickets — India flock for 
 
 ^ the opening— Navy bills — Bank flock 
 
 ^ for the refcounters — Long annulries — 
 
 ^ Here the waiter calls, Chance— Chance 
 
 ^ — Chance; Mr. Chance is not here, Sirj 
 
 ' he is over at his office — Here, tickets 
 
 ' for Auguft — Omnium gatherum for 
 
 < September — Scrip for the third pay- 
 
 ^ ment — Three per cent, confols— /7^;v 
 
 ^ the beef -headed Mr. Eye-Tony zvhifpers a 
 
 'friend, but is overheard, They are all 
 
 ' Bulls by G— d, but I'll be d^i.\ if they 
 
 ^ have any of my flock ; I'll go out of 
 
 ^ town, and not come near them till the 
 
 * refcounters — Here, Long annuities ; 
 
 'who buys Long annuities? — Tickets 
 
 ^ for the drawing — Well, what have you 
 
 ^ to do in tickets for the drawing, Mr. 
 
 J^ Mulberry ? I am a feller of five hun- 
 
 , F4
 
 304 EVERY MAN 
 
 •* dred, Sir — And I am a buyer, Sir; but 
 " pray at what price ?— Wh}', as you are 
 *' a friend^ Mr. Point-royal, I fliall give 
 '* you the turn ; you fhall have them at 
 *' fourteen =^\ llie turn, Mr. Mulberry ! 
 *^ why do you think I do not know what 
 ** I am about, as well as if I v>'as felling 
 *' pins or needieS;, or drawing patterns 
 *' for ladies rufiies ? they are all fellers at 
 *^ thirteen. — Well, then, you fhall have 
 *' them at thirteen — I will take them at 
 «' twelve, and no otherwife — Well, you 
 <* ihall have them^ put them down (for 
 *' the drawing, mind) but d— n it, Tom, 
 *« where did you get that pafte wig? 
 « Why, you fon of a b— h, it is as good 
 
 *' as your mop India ftock without 
 
 *^ the dividend. Have you a>,y thing to' 
 " do in India ftock, Monfieur Sham-it? 
 
 * They mean twelve pounds, or thirteen ixjunds 
 fourteen fliillings, as the price is; but this fliort ir.e- 
 thod has been improved to -lave the gentlemen's 
 breath, otherwife it would be impolTible for their 
 lungs to hold out.
 
 HIS OWN BROKER. 105 
 
 *' Non pas, Moniieur, bien oblige — I 
 *' have been talking French fo long to 
 ^' Sir Harrv Travel-fick that I foro;ot 
 •^ myfelf — I have nothhig to do, Sir ; 
 •' afk my partner; I am but juft come 
 ** from Tunbridge Wells, (angrily) — 
 *' India bonds ? who buys India bonds ? 
 *^ — no buyers in the market ? — Weil, 
 *' Mr. Backward, where fhall we dine to- 
 *' day ? — You have never a pig in (lore, 
 *^ have you ? No^ no, Mr. Sharpfer, tliefe 
 *^ are bad times ^ I have made nothing of 
 *' it this term yet ; but hufh, don't talk 
 *^ of pig, for here comes the proud Dr» 
 ^' Low-pifs, Vv^ho never looks pleafant at 
 *^ the bell, and fhould you mention fvvine's 
 *' fiefh in his hearing, we fhall make him 
 «^as furlv as Old Nick -^— Enter Kic 
 
 * In the famous South Sea year, a haunch of 
 Tcnifon fold for five guineas, which was a proof of 
 the luxury of the jobbers of that sera — IMr. Back- 
 ward is an inflance of luxury in another kind -, h« 
 is fend of a pig prepared for his table in the follo\y- 
 
 F5
 
 io6 EVERY MAN 
 
 *' Cot — and Mr. Verjuice, from Spring- 
 *' gardens, with each a book in his hand 
 *' — Here, Every Man his own Broker, I 
 *^ am a feller for money — and I am a fel- 
 ** ler for time — to them, Mr. Skinit, for. 
 " merly a butcher^, Mr. Onion, Sam 
 " Dangerlefs, Joe Dirtyface the baker, 
 ^^ and Tom Steel the common council- 
 "*' man, who all at once demand, what 
 •^ is It > Any new fubfcription, Mr. Ver- 
 *' juice } I buy, 1 buy — No, no, gentle- 
 *' men, it is not fo good a thing; it is a 
 ii (1 — d impudent libel againfl: all the 
 *^ members of this facred college ; and I 
 ** would give all Spring-gardens (my real 
 *« eflate, gentlemen) to fee the author well 
 ^' punifhed for his infolence : here he gives 
 •^ diredlions how to buy and fell flock 
 
 ing manner ; it muft be taken from the fov/, fooii 
 after it is littered, and laid on a foft cufiiion by the 
 fire-fide, where It rniiil be fed with Naples bifcuirs 
 and cream, till it is a fortnight old, a.nd then 'be 
 Dvhipp^'d to death raid roaficd.
 
 HIS OWN broker; lof 
 
 *^ without a broker; and lays open the 
 *^ whole of our tranfadions; and all, for- 
 ^^ footh, becaufe he has loft his mone^ 
 ^' amongft us — Thoufands have ihared the 
 '« fame fate, why fhould he make fuch a 
 ^^ noife about it ? or why injure all to be 
 '^ revenged on a few ? 'twas neither you 
 ^^ nor I that ftripped him; 'twas Aaron the 
 *' Jew, Bob FalftafT, old Hodge, and two- 
 ^* or three more — Well, pray don't be in a 
 ** pafTion, gentlemen j pray what are you 
 ^' going to do with the books ? Do! why 
 ^^ fell fhem at a low price; you know that's: 
 *^ the only way : and then tell all our 
 <^ friends out of doors, what curfed Huff ic 
 '^ is ; and that it vvas done here at — how 
 " much, Mr.Skinit? Why 1 will give you 
 ^' ten pence nzoncy — both, You Ihail have 
 ^' them — —Calls out^ Done at ten pence, 
 ** gentlemen — Pray get it put in Chance>'s 
 ^< lift, 'twill damn the book effedually ^ 
 
 * Saturday, May 30, 1761. — Mr. Chance was a- 
 very worthy good-natured man, who arrived at the* 
 fcigheft pinnacle of fain^ by diHribuung the fsvoui* 
 
 F 6
 
 io8 EVERY MAN 
 
 ^* — Here, who'll fell a hundred for time ? 
 << — Sam D anger lefs replies , I am a feller of 
 *' a hundred for time — you fhall have 
 *' them at nme peiue for September next 
 " — I will take them at eight pence — You 
 ** fliall have them — done at eight pence ^ 
 •' gentlemen, for September — A good bar- 
 <^ gain ; i fliall get them at the flails for a 
 *^pe7wy^ long before that time.— —Tom 
 '' Steel the common councilman now in- 
 ^* terpofes, and makes as formal an ha- 
 " rargue as if he were pleading in the 
 '■^ city parliamenc for fome darling pri- 
 " vilep'e. 
 
 " Gentlemen, you are highly in the 
 '* wrong to take fo much notice of this 
 *■' paltry performance, or its author; trull 
 ** me, the bell thing you can do is to let 
 
 •f fortune, like his miluefs, at Hazard, fomedmes 
 giring ic.,>Ovl. to blockheads, and to men of the 
 jrcatell merit, a blank. Unluckily for the gentle- 
 men in cjueilion, he did not put thq Alley price of 
 Ev^r^ Man hii oivn Brclicr^ in any of his lifts..
 
 HIS OWN BROKER. 109 
 
 " him alone ; the thing will die of itfelf ; 
 " befides, he can really do us no harm, for 
 " we are fo flrong a body, that he may as 
 ^^ well attempt to beat down the Monu- 
 " ment with an old Shoe-Horn, as to de- 
 ^^ ftroy our college ; we are too well fup- 
 *^ ported : leave him to me, pafs quietly 
 *' by him in the ilreets, and do not flare 
 *^ at him as if you faw a monfler (nor 
 " don't you, brother Eye-Tony, call 
 *^ people out of their fhops to leer at him) 
 *' for that only marks rage, and a con- 
 ** feffion of guilt : — I have a fafer and 
 «^ more quiet way; it is but arming our 
 *' under -fecretary of Jlate * a gain ft him, 
 *• and this moth vvill foon be crufhed. I 
 ^' can add no more, for here are fome 
 
 ■^ In the courfe of Lord North's glorious ad- 
 jniniftratlon, INIoniieur Sham-it, mentioned in 
 page 1C4, was tranfplanted from the Alley to the^ 
 fecretary of frate's office, for what fervices the 
 noble lord who promoted him belt knows : h^ 
 leal name was Anthony Chami^r.
 
 310 EVERY MAN 
 
 *^ Grangers coming in ; therefore let's 
 '^ adjourn, the fubjedt — but, by the bye^ 
 *' zvhijpers, I have voted for a filk gown 
 *' to-day, I hate to be numbered among 
 " the common livery. — Here, old an- 
 
 <^ nulties without the dividend Enter 
 
 '« Mynheer Vander Doubleface (with a 
 ^^ packet of letters) — Two mails from 
 *' Holland and three from Flanders. Ik 
 '^ fal never go through myn bufinefs, 'tis 
 " too much ; (looking round him) wat 
 «' has my news fent all de gentlemen to 
 «^ de pofl-huis — well — this is ongeluckr,. 
 *^ for ik muft buy een groot deal of ilock, 
 <« dar is heel good news — de Euftatia is 
 « taken." 
 
 Having thus given a fpecimen of the 
 daily tumult at the Stock-Exchange, I am 
 to apologize for letting any thing fo very 
 low appear in print, by affuring the public^ 
 that nothing could have induced me to 
 have given it a place, but the defire of 
 faewing them what a trifling fet of people 
 they are in fub'iedtion to ; for I call it
 
 HIS OWN BROKER, m 
 
 fubjedlion, when fo large a body of 
 people, as that part of the public who 
 have concerns in the funds are, tamely 
 fubmit to think, fpeak, and adt upon 
 the judgments of thefe gentry, 
 
 I fhall now return to Mr. Point- royal, 
 and juft exhibit a leaf or two of his job- 
 bing book, before I take my leave of 
 him. 
 
 Lottery Tickets for the Drawing, 
 
 Bought, viz, » . to take 
 200 of Levy, at 151.15s* 
 100 of Benjamin . 12s. 
 100 of Solomon . 14S» 
 100 of Reuben . iSs. 
 
 500 of Mr.Mulberry ^53. 
 
 1000 
 
 Sold, ... to deliver 
 6GotoMr.Buckat 15I.5S. 
 3C0 to Mr. Skin-flint 8s. 
 200 to Dr. Wool I OS. 
 400 to A. Avarice 1 is. 
 
 It appears by this account that Mr. 
 Point-royal is a Bear for live hundred 
 tickets ; that is, he has fold five hundred 
 more than he has bought; confequently 
 he wiihes they may fall ; and as a means
 
 112 EVERY MAN 
 
 to bring it about, he runs up and down 
 the houfe, a few days before the drawing, 
 declaring, that the tickets do not go off, 
 that he has pafTed by all the offices, and 
 did not fee one cuftomer in any of them ; 
 and, in fhort, that the price muft come 
 down. The reafon of this condud: is ob- 
 vious. Tickets at the time of his ading 
 thus, are confiderably above the price he 
 has sgreed to deliver at ; and Ihould they 
 continue fo till the drawing, he will be 
 obliged to buy five hundred to adjufl his 
 account at a much higher price than he 
 has fold at. — This is only one account, 
 and that a fmall one; but let us fuppofc 
 the accounts of the greateft part of the 
 houfe to Hand thus, and tiiat the majority- 
 are Bears; it is upon the difcovery of 
 this, that the debates in the caufc begin 
 to grow v/arm, and the counfel to rail at 
 each other, and brow-beat the evidence. 
 This produces a fcene of amazing con- 
 fufion and uproar; and the public are 
 ebligcd to give that price for tickets ip.
 
 HIS OWN BROKER, uj 
 
 the'ofiices, which the fentence paiTed in 
 the college fixes on them ; thus, for in- 
 ilance; if the Bulls get the better of 
 the contefl, by holding their tickets to 
 the lad, and oblige the Bears to buy on 
 their own terms, then the price of tickets 
 rifes confiderably, not from their intriniic 
 value, but from the artificial fcarcity in 
 the Alley : but if, on the contrary, the 
 Bears giin the vi(flory by a feeming in- 
 difference, and by raifing a thoufand 
 artful ilories, which frighten the Bulls, 
 and caufe them to fell at once, then the 
 price falls, from the market's being over- 
 ilocked, and the public m\\ thereby pro- 
 cure them at a low price. I vvould there- 
 fore advife all private adventurers eitiier 
 to buy very foon after the firft coming out 
 of the tickets, which generally is in June 
 or July, or e\(e to wait till the very morn- 
 ing of drawing, and buy an hour or two 
 before the wheel goes round. 
 
 It would puzzle my readers to divine 
 the method of fettling or adjufling (as they
 
 114 EVERY MAN 
 
 call it) fuch an account as Mr. Point- 
 royal's ; and if I were not to give a flight 
 iketch of the manner of doing it, it would 
 be thought incredible, that it Ihould ever 
 enter into the heads of any fet of men, to 
 invent fuch a perplexed and intricate form 
 of adjuiling an account. 
 
 For the fake of brevity, and to render 
 myfelf as intelligible as poffible, I iliall 
 take only one article on each fidQ of Mr. 
 Point-royaFs account. Againfl the day of 
 fettling he has made out, what he calls, his 
 lill, with which he appears in court, and 
 once more accofts Mr. Mulberry — Sir, I 
 am to take five hundred tickets of you, do 
 you deliver them ? No, Sir. — Who have 
 you got then ? Let me fee — I have got 
 Mr. Sham-it ; go to him for four hundred, 
 and fee if you can adjufl that, while I fee 
 who I have got for another hundred — 
 goes on, I am put to you, Mr. Sham-it, 
 by Mr. Mulberry, for four hundred 
 tickets. Well, Sir, you mult go to Dan- 
 gerlefs— ^0^5 on^ Mr, Dangerlefs, can you
 
 HIS OWN BROKER, ii^ 
 
 deliver me four hundred tickets for 
 Mr. Sham-it ? Yes, Sir ; are you ready- 
 to take them ? No, Sir, I am to deliver 
 
 to Aaron Avarice calls^ Aaron Avarice, 
 
 here; will you take your four hundred 
 tickets of Mr. Dangerlefs ? No, Sir; I 
 give ' you James the fon of Zebedee — 
 Zounds, Sir, that won't do, he is Mr. Mul- 
 berry's partner; and I am to take of hini 
 —Well then, let me fee, oh ! deliver them 
 to Mr. Coal-hole — aye, aye, take 'em to 
 Mr. Coal-hole, and there they'll fettle. 
 
 In Ihort, Mr. Coal-hole agrees to take 
 them, being in want of four hundred for 
 a cuftomer, (for he is no jobber, but when 
 obliged to adt for a principal) : but here 
 another difficulty arifes about the price 
 they are to be done at ; Mr. Coal-hole is 
 to pay for them, and will take them at no 
 other price, than that which he agreed for 
 with Aaron Avarice; w^hich happens to 
 be a great deal lower than Mr. Dangerlefs 
 fold them at to Mr. Sham-it; at lafl, 
 however, Mr, Coal-hole, being a good-
 
 ii6 EVERY MAN 
 
 natured man (and knowing Mr, Sham-it 
 to be a Dodtor, who has never been a 
 Lame Duck) agrees to pay for them at 
 twelve fhlUings, to fatisfy Mr. Dangerlefs, 
 who always takes care to be on the fure 
 
 Thus we have adjufled four hundred of 
 Mr. Point-royal's tickets ; and happy will 
 it be, if he feitles any more fo eafily ; for 
 fometimes thefe gentlemen put one an- 
 other about from man to man, till they 
 have gone all round the houfe.^^ — The 
 method of entering thefe accounts when 
 adjufted, is to the full as abfurd ; and 
 would afford no entertainment or in- 
 £lru(5lion, for which reafon only I omit 
 it. The remainder of the Lottery Term 
 
 * Dangerlels is fo lame a Duck, that he has 
 brcike both legs three or four times, and has been 
 twice trepanned; but, by the help of good fplin- 
 tering, he is at lafl pcrfe^fllyreliored, and enjoys 
 his bottle and lafs as gallantly as the fii il peer ia 
 the laud.
 
 HIS OWN BROKER. 117 
 
 is employed in buying and felUng of 
 tickets during the drawing. 
 
 Having thus given an account of the 
 bufinefs tranfacled at the beginning of 
 term, I fnall only obferve, that all is 
 pretty quiet after the drawing of the lottery 
 is over, till the time of raifing the fup- 
 plies for the fervice of the new year, throws 
 the whole houfe into a frefli ferment; but 
 for an account of this, I niuil refer my 
 readers to Chap. IV^ and fhall conclude 
 this, with relating their manner of fpcnd- 
 ing the vacations. The fpring vacation 
 generally begins in April, when fuch of 
 the gentlemen of the Alley as are in town, 
 pafs their time at the Stock-Exchange, in 
 buying and felling of green peas, mackrel, 
 he, by way of piddling, to keep their 
 hands in at jobbing, till the terms comiS 
 on again. 
 
 Tlie method of playing at this gsme is, 
 to buy or fell one hundred pecks of green 
 peas for the earlieft feafon, or firft coming 
 in^at a particular high price; and the way
 
 ii5 EVERY MAN 
 
 of adjufling the account is, to fend to Shut- 
 tle worth's to know the price of theiirftpeck 
 of peas that were brought to market; ac- 
 cording to which the buyer or feller at the 
 Stock-Exchange regulates his account,and 
 pays or receives the difference betwixt the 
 price they were done at by him and his 
 antagonift, and the price at market. The 
 mackrel bargains are generally for one 
 thoufand, at their firft coming in, and arc 
 adjufted much in the fame manner; for as 
 foon as they are cried about the (Ireets, the 
 contending parties buy as many as they 
 want for a dinner ; and this fettles their 
 accounts, and furnilhes them with a deli- 
 cate repaft. Now as thefe gentlemen fol- 
 low only their own weak judgments, or 
 the price of the precedent year, in this 
 fport, I ihould think an underllanding gar- 
 dener, and a fAilful fifnmonger, might have 
 the beft of the game : for the one might 
 give a better guefs by obferving the back- 
 wardnefs or forwardnefsof the fpring, and 
 
 5
 
 HIS OWN BROKER, uj 
 
 the other by knowing the run of the 
 market at BiUingfgate. 
 
 Another manner of fpending the vaca- 
 tion is, in infuring on the lives of fuch un- 
 fortunate gentlemen, as may happen to 
 fland accountable to their country for mif- 
 condudt. I am not willing to diflurb the 
 allies of the dead, or I could give an in- 
 flance of this cruel paftime, the parallel of 
 which is not to be met w-ith in the hiftory 
 of any civilized nation : but 1 hope v/e 
 fhall hear no more of fuch detcflable gam- 
 ing; and therefore, as a fcene of this kind, 
 fully laid open, might aflonifh, but could 
 not convey inllrudtion, humanity bids me 
 draw the veil, and not render any fet of 
 men unnecefTariiy odious. 
 
 A pradlice likewife prevailed of in- 
 furing the lives of well-known perfonages, 
 as foon as a paragraph appeared in the 
 news-papers announcing them to be dan- 
 geroufly ill. The infurance rofe in pro- 
 portion as intelligence could be procured 
 from the fervants, or from any of the
 
 420 EVERY MAN 
 
 faculty attending, that the patient was 
 in great danger. This inhuman fport 
 affedied the minds of men dcprelTed by 
 long fickncfs ; for when fuch perfons, 
 calling an eye over a news-paper for 
 amufement, faw that their lives had been 
 infured in the Alley at po per cent, they 
 defpaired of all hopes ; and thus their 
 diffolution was haftened. But, to the 
 honour of the principal merchants, un- 
 derwriters ; they caufed an advertifement 
 •to be fixed up at Lloyd's Coffee-houfe ; 
 declaring, that they would not tranfad: 
 bufinefs with any brokers, who fhould be 
 engaged in fuch infamous infurances. 
 
 Infuringof property in any city or townT 
 that is befieged, is a common branch of 
 the infurance bufinefs, in time of war; 
 but ingenious gameflers, ever iludious to 
 invent new, and variegate old games, 
 • have, out of this lawful game (for in- 
 furance in general is no more than a game 
 at chances) contrived a new amufement 
 for the gentlemen of the Alley ; which is
 
 HIS OWN BROKER. lat 
 
 •for one perfon to give another forty 
 pounds, and in cafe Gibraltar (for in- 
 itance) is taken by a particular time, the 
 perfon to whom the forty pounds are paid, 
 is to repay one hundred pounds ; but if, 
 on the contrary, the fiege is raifed before 
 the time mentioned, he keeps the forty 
 pounds. In proportion as the danger the 
 place is in of being taken increafes, the 
 premium of infurance advances; and when 
 the place has been fo fituated, that repeated 
 intelligence could be received of the pro- 
 grefs of the fiege, I have known the in- 
 furance rife to ninety pounds for one hun- 
 dred. A fine field this opens for fpread- 
 ing falfe reports, and making private 
 
 letters from the Hague, 8cc. but how 
 
 infinitely more harmlefs to trifle with pro- 
 perty, than to affedt the life of a fellow- 
 fubjed:, or to injure him with the public, 
 to ferve a private end ! 
 
 Of fham infurances, (that is to fay, in- 
 furances, without property on the fpot) 
 made on places befieged in time of war,' 
 G
 
 f22 EVERY MAN 
 
 foreign minlfters, refiding with us, have 
 made confiderable advantages ; it was a 
 well-known fadt that a certain ambafTador 
 irifured 30,000!. on Minorca, in the war of 
 1755, with advices in his pocket at the 
 time, that it was taken — our government 
 did not get the intelligence till two da3^s 
 after this tranfadtion, it was the third, 
 before it was made public, and thus, the 
 ambafTador duped our people, who con- 
 tinued to accept premiums till the third 
 day, 
 
 I cannot more properly clofe this chap- 
 ter, than by leaving upon the minds of 
 my readers this felf-evident inference from 
 the whole : 
 
 That it is almoft impoflible for any 
 broker, who is a jobber (and there are but 
 few that are not) to give candid, impartial 
 advice when to buy into, or fell out of the 
 public funds.
 
 HIS OWN BROKER, ijj 
 
 CHAPTER III. 
 
 Of the method of transferring and accepting^ or of 
 buying into^ and felling out of the public funds s 
 giving full directions hoiv to tranfaSi this hufi- 
 nefs without the afjlfance of a hroler.-^Form, of, 
 receipts given en transferriftgjloch.^— Explana- 
 tion of the meaning of i, |, f, f, being part of 
 the prices annexed to the lijl of the funds printed 
 
 - in the news-papers. -^A fhort method of cnfl'tng 
 up any odd quantity offockj at the price of tl^ 
 fame per cent. — Laws in force to oblige the clerhs 
 of the Banhy a?id ether public offices, to aid and 
 affifi all manner of perfons whatever to transfer " 
 their property in the feveral funds ."^Penaify oil 
 refufaL'^^Laws in force relative to b'rokers."^^ 
 Advice concerning draughts on bankers-^afid a- 
 particular account of the nature and power of 
 letters of attorney for transferring property in 
 the funds y and receiving dividends. — Frauds 
 defcribed which may arifi from granting theft 
 letters of attorney. — Propofal to augment the in" 
 comes of the clerks in the transfer offces. 
 
 THERE are numberleis tranfadians 
 in the common courfe of bufinefs^ 
 which are in themfelves extremely eafy to 
 perform ; but which fome, through ig- 
 G 2
 
 124 EVERY MAN 
 
 norance, others, through prejudice, and 
 many more, for want of refolution, com- 
 mit to the care of others; and affign 
 them a falary they often can but badly 
 fpare, for the execution of that, which, 
 with a little induftry and attention, they 
 may be mailers of themfelves in a few 
 days. 
 
 Of this number is the bufinefs now 
 nnder our confideration, which by the 
 force of cuftom has been configned to the 
 management of a fet of men, who were 
 unknown to fociety till within the prefent 
 century \ and who, by way of gratitude, 
 very fairly attempted, in the year 1720, 
 to turn their mailers out of doors ; or, in 
 other words, who, not content with their 
 Hated allowance of two and fix pence for 
 brokerage, laid a plan for appropriating 
 to themfelves the whole fortunes of their 
 benefadlors, in which, for a Ihort time, 
 they fucceeded to a miracle ; and they 
 have ever fince been piddling with the 
 public property, and enriching them-
 
 HIS OWN BROKER. I2j 
 
 felves at the expence of the innocent and 
 unwary. 
 
 It is indeed very hard to account for 
 the folly and madnefs of the public, whicli 
 has given to thefe their lowly fervants, an 
 almoftabfolute power over the whole mo- 
 nied property of the nation. Yet fuch is 
 become the cafe. A broker will not tranf- 
 adt any bufinefs in the Stocks, but with 
 another broker, and they are to fettle to- 
 gether as they pleafe^ the value of every 
 man's property in the funds. 
 
 If, befides the government annuities," 
 and the other transferable Stocks ; India 
 bonds, Exchequer, Navy, and Victual- 
 ling bills, and all other public fecurities 
 for money are confidered as paflingthrough 
 their hands, the extent of dealings, now- 
 lying at the mercy of thefe people, mud 
 aftoniih all thinking men, efpecially as it 
 is well known that they form combina- 
 tions fufficient to terrify all ftock-holders, 
 and carry on fuch fcenes of jobbing as are 
 
 G 3
 
 126 EVERY .MAN 
 
 highly detrimental to trade, and to both 
 public and private credit. 
 ' Let it then be every man's care, who 
 has any property in the funds, to prevent 
 the increafe of the pov/er, and influence, 
 as well as of the number, of thefe in- 
 vaders of their property, by boldly and 
 manfully refolving to tranfacft his own 
 buiinefs. Do you v/ant to buy ? exa- 
 2i:!ine firft the funds and their prices in the 
 daily papers, or if it fuits you better, 
 fearch the lifts already mentioned in- 
 Chap. I. and when you have determined 
 what fund to buy into, (concerning the 
 choice of which you have likewife my 
 opinion in the fame chapter,) go boldly to 
 ihe office where the fund you have made 
 choice of is transferred, and be not dif- 
 mayed at the wild uproar and confufed 
 Doife which will at firft flrike your ado- 
 nifhed fenfes — many of you have fup- 
 ported more for your amufement, on the 
 firil night of a new play ; and others, at 
 ihe nocturnal revels of the choice fpirits;
 
 HIS OWN BROKER. 127 
 
 and will you not endure this temporary 
 inconvenience for the valuable purpofe of 
 becoming the managers of your own pro- 
 perty, and to fave yourfelvcs the expencc 
 of brokerage ! 
 
 Advance then, and attend a few minute^ 
 to the confufed cries that refound from all 
 quarters ; and you will foon find what you 
 want — a feller of the fum you propofe to 
 buy — you have only to demand the price,- 
 which, if there has been no particular news' 
 to occalion a fudden variation, you will 
 find, by comparing it, to be nearly the 
 fame with that of the preceding day ; 
 if he is a common feller, he will name 
 you the whole price as 60 J, or whatever 
 h' happens to be, for three per cent, con- 
 folidated annuities ; but if he is a Dodtor, 
 or Mailer of Arts in the Alley, he will 
 only tell you the fradtion of the price, 
 viz. 4- or 4 ; and if he finds you do not 
 know the principal fum, he will thereby 
 be allured that you are not a broker, and 
 will probably quit you in fearch of one, 
 G 4
 
 128 EVERY MAN 
 
 for his intereft is, to deal with none bnt 
 brokers, as your's is, to do your bniinefs 
 without them ; therefore let him go, you 
 will foon be accoiled by fome other feller, 
 who perhaps is not a broker, for there are 
 plenty of fuch every transfer day; and it 
 is your bufinefs by adding one, to increafe 
 the number. — Should you wait a little, 
 and no perfon offers to fell you, venture 
 to exert yourfelf, and call out lullily, that 
 you are a buyer of the fum you v;anr, 
 whatever it be, — truft me, you will find 
 very little difference betwixt the articula- 
 tion of the few words requifite upon this 
 occafion, and the common afpiratio'n you 
 are fometimiCS forced to make ufe of ia 
 calling for your fervant, or for a coach 
 in a fliowerof rain. — When by this means 
 you have found a feller of the fum you 
 want, you will, very often, be obliged 
 to give the turn of the market, that is, if 
 it is a doubt whether the market-price is 
 exactly that which he afks, or rather in- 
 clined to fall 4- beneath it, you muf^ give
 
 HIS OWN BROKER. 129 
 
 the turn of the fcale to get your bufinefs 
 done; and this you will be obliged to do 
 nine times out of ten, if you employ a bro- 
 ker — the better to underftand the price, 
 obferve the following table, which is in- 
 ferted for the ufe of the many hundreds, 
 who read the public news-papers, without 
 knowing the meaning of the odd 4- an- 
 nexed to the price of flocks : 
 
 s. d. 
 IS 26 
 
 5 o 
 
 7 6 
 
 10 o 
 
 12 6 
 
 15 o 
 
 17 6 
 
 By this table you find, that If you are 
 aiked 57 -J per cent, for three per cent, an- 
 nuities, it means, fifty -feven pounds feven- 
 teen JJnllings and fix pence y which is the 
 price you muft give for lool. fliare la 
 them. 
 
 G5
 
 ijo EVERY MAN 
 
 Having thus found the price, and agreed 
 
 \vith the feller, you have only to give him 
 
 your name, ftyle, or title, and place of 
 
 abode* ; it is his bufinefs (as the feller) to 
 
 take care of the transfer, and prepare the 
 
 receipt, only do you contrive to have the 
 
 jfum you are to pay ready, and as near as 
 
 poffible in bank notes, {o that you may 
 
 not have more than four or five pounds to 
 
 pay in cafli ; becaufe the hurry and buflle 
 
 is ^o great, that great inconveniences will 
 
 arife in tranfadting your bufinefs, if you do 
 
 not obferve this rule. If you are well known 
 
 on the Exchange, and keep cafli at any 
 
 * In the new office, at the Bank in Bai tholomcw- 
 Isne, the following advertiiement is wrote on the 
 .wall: 
 
 ** To prevent miilakes in the accounts, all pcr- 
 '* fons are defined to write on the transfer tickets, 
 *' tht* defcriptions of the parties, and the flreets 
 ** where they live, if in London, otherwifc they 
 •* cannot be forwarded, the r.ame of the pariHi nor 
 *• bciag fufficicnt." 
 
 5
 
 HIS OWN BROKER. 131 
 
 banker's in the neighbourhood, your 
 draught may do as well as bank notes. 
 
 Another rule to be obferved is, to keep 
 in one part of the room, till the transfer is 
 prepared, that you may be in readinefs to 
 anfwer to your name when called ; for if 
 you are out of the w^ay, the clerk will not 
 wait for you, but proceed to other bufi- 
 nefs : the transfer being prepared, and 
 your name called, you are to go to the 
 clerk who has the transfer-book, who will 
 Ihew you the form in which the feller has 
 transferred the fum agreed for, to you, 
 your heirs, affigns, &c. (which form I 
 would advife you to read the firft time, 
 that you may be thoroughly acquainted 
 with the nature of the alignment) you 
 will then be direded to fet your name to 
 a form of acceptance of the flock trans- 
 ferred to you, the feller having firft fet his 
 hand to the transfer ; this done, the clerks 
 witnefs the printed receipt, which the 
 feller gives you, figned by him; an^d 
 >vhich you mufl keep as a voucher for the 
 G 6
 
 iji EVERY MAN 
 
 transfer, till you have received one divi- 
 dend : the only reafon for this, that I 
 could ever learn, is, in cafe the transfer 
 Ihould by any means be negledted to be 
 pofled, and Co the dividend warrant fhould 
 be made out in the name of the old pro- 
 prietor ; but this is a cafe that happens fo 
 feldom (if ever) that I think no perfon need 
 be in great pain about loling a receipt of 
 this kind. I muft here give a caution 
 againfl keeping thefe receipts after you 
 have received one dividend, for they then 
 become ufelefs; the cafhier having ac- 
 knowledged your right in the fund by 
 paying you a dividend, and therefore they 
 Ihould be deftroyed ; for by people's keep- 
 ing them in families (at their death) they 
 fometimes caufe a great deal of confufion, 
 efpecially among the lower fort of people; 
 and prove great difappointments to many, 
 who think, in finding them, they have 
 found a treafure. They immediately ap- 
 ply to the public offices from which the 
 receipts have been ilTued, and the clerks
 
 HIS OWN BROKER. 133 
 
 foon convince them, that they had better 
 have been burnt ; the fund having been 
 fold out ; I hope, however, they pay 
 nothing for examinations of this kind^ 
 fince every executor has an undoubted 
 right, at proper hours, on producing 
 the probate of the teftator's will, to exa- 
 mine the books of any public fund 
 (gratis) wherein he fufpeds the teflator 
 had any property. Having paid the fum, 
 and taken the receipt, the whole bufinefs 
 is tranfaded ; and this is all, with refpedt 
 to a buyer *. 
 
 * If you buy from a broker, or employ one to 
 buy for you, you mull take great care that you 
 %n the acceptance in the transfer-book, before you 
 pay your money to the feller, frequent complaints 
 having been lately made of the condud of brokers, 
 who deliver to the purchafers the feller's receipt 
 properly ailSgned, and take the money for the itock ; 
 after which they run away to tranfad other bufi- 
 nefs, and do not return to fee the acceptance figned 
 by the purchafer in the transfer-book. In confe- 
 quence of this negKct, the direttors of the Bank 
 have fixed up a primed uoiice in the transfer-afiicsi.
 
 134 .El^RY MAN 
 
 Let us now explain the bufinefs of a 
 feller, who, as has been remarked, has a 
 little more to do than the buyer. 
 
 As the largefl part of the national debt 
 iies in the three per cent, confolidated an- 
 nuities, and as being the cheapefl, they 
 are the moll: dealt in, I fhall felecl them 
 as the propereil fund in which to give my 
 explanation of the feller's bufinefs in trans- 
 ferring, or felling out, his property. 
 Having found a purchafer (by the means 
 before mentioned in my directions to the 
 buyer) the feller muft get a piece of pa- 
 per, about a quarter of a fheet, and write 
 on it his own name, ftyle, and place of 
 
 dated in April, 1781 ; cautioning all purchafers 
 not to leave the acceptance of the transfers un- 
 figned. — For no dividend warrant can be made 
 out to the new owner of any property in any of 
 the funds, neither can he again part with his pro* 
 perry, unlefs the transfer-book has been properly 
 figned by him ; though the transfer has been made 
 to him by the clerks, and his name Hands in th« 
 body of it with his full defciipiion.
 
 HIS OWN BROKER. 135 
 
 abode, with the fum to be transferred, 
 the fund it is to be transferred out of, 
 and the perfon's name and defcription 
 to whom it is to be transferred ; to make 
 this more clear, you have here a form in 
 the Three per cents, which will ferve for 
 any other fund, ftriking out only the 
 words Three per cent. Annuities, and put- 
 ting in its place, the particular fund you 
 have occafion to transfer ^. 
 
 * If there 13 any little drfference between one 
 public office and another, it is not material, and 
 ihc clerks are obliged to fet you right.
 
 136 
 
 EVERY MAN 
 
 
 
 • 
 C/D 
 
 ^ 
 
 
 4>J 
 
 
 
 E 
 
 
 <L> 
 
 ^ 
 
 J3 
 
 » 
 
 
 P 
 
 G 
 
 c 
 
 ^ 
 
 
 •4-) 
 
 V 
 
 115 
 
 
 
 
 CO 
 
 'E 
 
 <1 
 
 CO 
 
 • 
 
 
 +-» 
 
 a 
 
 
 
 4-1 
 
 CO 
 
 a 
 
 C! 
 
 
 d 
 
 u 
 
 r— i 
 
 4-> 
 
 
 U 
 
 4-J 
 
 ty—t 
 
 
 CO 
 
 4J 
 
 
 
 
 
 J-t 
 
 CO 
 
 
 
 • 
 
 72 
 Ph 
 
 • 
 
 
 
 r Cent, confo 
 To 
 an, Coal-Me 
 
 <4H 
 
 
 
 CM 
 
 
 J-l 
 
 
 B 
 
 
 
 Oh 
 
 4^ 
 
 
 8 
 
 G 
 
 
 ^ 
 
 
 
 
 
 r:j 
 
 H 
 
 CO 
 
 
 '0 
 
 •fH 
 
 a 
 
 
 
 

 
 HIS OWN BROKER. 137 
 
 This paper you mufl deliver to the 
 clerks that fland neareft to, or ilnder the 
 ktter with which your name begins,- and 
 to which you will be diredted by the let- 
 ters that are painted at large on the wall ; 
 and by this regulation, and fome laws in 
 force, but negle<fled, it appears that the 
 government defigned that the proprietors 
 fliould manage their own buiinefs in the 
 funds. ■ Having delivered in your paper, 
 the clerk examines your account ; and if 
 he finds you have the property you men- 
 tion in your paper, he prepares the tranf- 
 fer; ,and as., you are not a broker, he, 
 perhaps, will not call you when it is 
 yeady, therefore your fureft way is to at- 
 t^end till it is done ; and in the mean time, 
 to be making out the j)urchafer's bill, 
 ^'hich you are to do on a printed receipt; 
 ^f thefe, there are a fufficient quantity 
 always hanging up in all the offices; you 
 have therefore only to afk the clerks for 
 ^hem. The better to enable you to per- 
 form this part of the buiinefs, you have
 
 13S EVERY MAN 
 
 here a form of a receipt, filled up, which 
 will ferve you in all cafes, only altering 
 the fums, and the price, as occafion re« 
 quires : the parts which are left blank in 
 the receipt, and are to be filled up by you, 
 are thofe printed in Italics.
 
 HIS OWN BROKER. 139 
 
 r 
 
 CSJ 
 
 
 • ii . dJ '-^ (U -. r-l ^L. -^ 
 
 ^ O ^;§ 1^^ O^S S,-^ 
 
 *-• "^ Si rrj /C-" ^H t. w ,—4 •— ' ojj it^ vr* 
 
 -a .2 ^^ o^ _ *j '^ o ^ c ^ .^ O Sa
 
 140 EVERY MAN 
 
 Having figned your receipt, and the 
 transfer being ready, you are to fign it in 
 the book; and then to deliver your receipt 
 to the clerks, who (as foon as the pur- 
 chafer has figned his acceptance in the 
 book) will witnefs the receipt, then take 
 your money of the purchafer, and the 
 whole is iiniihed. 
 
 By a late regulation, there are fix clerks 
 in the new Three per Cent. Confolidated 
 Annuity office, who adt as fupervifors of 
 the transfers, and witnefs them, fo that 
 now there are two witnelTes inftead of one, 
 to the, transfers and receipts. 
 
 There remains yet one difficulty, as 
 eafy however to furmount as the reft, which 
 is, to cafl up odd fums ; for it does not 
 always happen that the fums to be bought, 
 or fold, are even, viz. lool. or 500I. 
 but fometimes a mechanic, or a fervant, 
 has faved up twenty or thirty pounds, and 
 wants to buy into the annuities ; how 
 lliall a common perfon reckon up thirty- 
 five or twenty-five pounds of annuities at
 
 HIS OWN BROKER. 141 
 
 fifty-feven, without a broker ? To make 
 you eafy on this head, you have the fol- 
 lowing plain and infallible examples,, 
 which I am the more particular in, be- 
 caufe a great many proprietors of large 
 funis retail out thefe fmall fums, and buy 
 them in again, all together, in a capital 
 fum ; by which means they make great 
 advantages, and with lefs rifk than in any 
 other way. 
 
 Rtdes for caj}ing i4p odd quantities of Jlock at the 
 current price per cent. 
 
 Rule L If the quantity of flock you 
 want to know the value of, is larger than 
 the current price of one hundred, multiply 
 that quantity by the price of one hundred ; 
 then divide by 100, the quotient will give 
 you the value in pounds : then reduce the 
 remainder (if any) by common redudtion 
 to ihillings — divide again by 100, and the 
 quotient is the value in Ihillings, and fo on 
 to pence.— Obferve, that if from the fe-
 
 142 EVERY MAN 
 
 veral quotients you ftrike off the two laft 
 figures to the right, as remainders to be re- 
 duced, it is the fame thing as dividing by 
 lOO, and the figures to the left will be 
 pounds, if the quotient was fo ; and fo on 
 to pence. 
 
 To prevent miflakes, I Ihali give ex-- 
 simples of both ways.
 
 HIS OWN BROKER. 
 
 143 
 
 Example of the firfl way. 
 
 What mufllgtve for 1 2 61. in the three percent, annui- 
 ties at 57^that is to fay, when 57I. will buy i ool. ? 
 
 Anfwc ^71 
 
 
 Example of the feconi 
 
 57 
 
 way. 
 
 882 
 
 126 
 
 630 
 
 57 
 
 — £' 
 
 
 100)7182(71 
 
 882 
 
 700 
 
 6yiy- 
 
 il%2 
 
 ; ';f* 71(82 flruck off. 
 
 100 
 
 20 
 
 ^2 
 
 J. i6J4o 
 
 20 
 
 12 
 
 ^ s. 
 
 
 100)1640(16 
 
 //.4I80 
 
 100 
 
 4 
 
 
 — 1 .■ 
 
 .640 
 
 /• 3|2o 
 
 600 
 
 
 
 Anfwer^,;! j i6 : 4J 
 
 .40 
 
 
 12 
 
 
 d. 
 
 
 100)480(4 
 
 
 400 
 
 
 .80 
 
 
 4 
 
 
 • /. 
 
 
 100)320(3 
 
 
 300 
 
 
 . 20 
 
 
 Cii : 16 : 41 

 
 t44 EVERY MAN 
 
 Rule IL When the quantity of ilock 
 you want to know the value of, is fmaller 
 than the price per cent, then multiply that 
 fmall qyafttity'by the price- per cent, and 
 divide by loo, as before dire(5ted ; but if 
 you are very careful to be exad:, the 
 Ihorteft ancj befl way is, to cutoff the tw^o 
 figures to the right; for which reafon I 
 Ih^U give the example of a fmall fum, ac- 
 cording to that method.
 
 HIS OWN BROKER. 145 
 
 Example, What muft I receive for 35I. three per 
 cent. Annuities, when the price is ^'^ percent ? 
 
 58 
 
 35 
 
 290 
 
 L^ 20|30 
 
 20 
 
 5. 6|oo 
 Anfwer;f,20 \ 6 s. 
 
 If the price happens to be 
 S" h E> h or f, in the 
 cafe, ^ where your quan- 
 tity is larger than the 
 ^ncQ, per cent, take the 
 i» 8, t> or i, part of the 
 farge fum, and throw it 
 in, after your multiplica- 
 tion, thus ; 
 
 58! 
 
 1056 
 660 
 
 ^6 the lor* of 13*, 
 16 : 10s. the|-niak- 
 £' — ing f 
 
 77138 
 20 
 
 J.7I70 
 12 
 
 //. 8J40. 
 4 
 
 10/, 
 
 /. i|6othusthefraaion« 
 or odd eighths arci 
 introduced. 
 
 Anfvvci-;^,;; : 7 ; 8J. i 
 
 H
 
 146 EVERY MAN 
 
 Purfuethls method, even when the fiim 
 is imaller than the pv'icQ per cent, if it con- 
 fids of two figures ; but if it confifls only 
 of one figure, then the fhortefl way is to 
 multiply that, by the price per cent, and 
 to take in the fradtion, in one line. 
 
 Example. What is the worth of 7I. at ^'}\per ccntf 
 By the table already given, you know that | is 
 12s. ^di» therefore work it thus : 
 
 57 : 12 : 6 
 
 7 
 
 L' 4I03 : 7 • 6 
 20 
 
 12 
 </. 8|io 
 
 Anfvver ^.4:0:8^. 
 
 It is by this eafy and expeditious me- 
 thod, that fmall Ihares in the funds are 
 caft up. 
 
 I muil here appeal to the candid and ju- 
 dieious, and beg leave to aik, if there is
 
 HIS OWN BROKER. 147 
 
 aiiy thing in nature more eafy and fimple 
 than the tranfadting this bufinefs ? The 
 whole of it does not take up above an 
 hour on the moft hurrying days of trans- 
 ferlng, and in the common run, not 
 above half the time ; and if you have a 
 thoufand pounds to buy or fell, you gain, 
 or fave, (which is the fame thing) om 
 pdund, fiz'e JI:ilH figs, 2.ud this is no in con* 
 fiderable premium for half an hour's 
 buftle in a crowd ; befides, thofe who 
 are difpofed to take advantage of the va- 
 riations in the funds, if they do not ad: 
 themfelves, can never make any thing of 
 a variation of ^ per cent, becaufe the bro- 
 kerage runs away with the proiir. 
 
 The mod formidable obilacles to gen- 
 tlemen's a6ling for themfelves at firtl, will 
 be the impertinent behaviour of fome of 
 the clerks, who are the fervants of the 
 public, and are well paid for their attend- 
 ance : a man of fpirit, however, will know 
 how to manage thefe gentlemen, and, 
 without entering into any altercations with 
 H z
 
 14S EVERY MAiN 
 
 them, will produce the authority of the 
 laws, as a check to all oppoiition he may- 
 meet with from them. With a view to 
 aflift gentlemen in this point, and to fave 
 them the expence of purchafing. the adts 
 of parliament for raifmg the feveral fup- 
 plies that have been granted for the fup- 
 port of government, I haveextradled the 
 following claufe from one of them, which 
 I leave to the judicious to make the pro- 
 per ufe of, only obferving, that thofe 
 who fhall give occafion to any gentleman 
 to make ufe of it at all, create a fufpicion 
 that (by their places) being forbid to adt 
 as brokers, they recommend their friends 
 to particular brokers, and divide the pro- 
 fit of commiffion with them. 
 
 Claufe of an ad of parliament, intitled, 
 •' An adt for granting to his majefty an ad- 
 ditional duty upon ftrong beer and ale; 
 and for railing the fum of twelve millions, 
 by way of annuities, and a lottery," &c. 
 
 << Sixid be it further enaded, that no fee, 
 •* reward, or gratuity whatfoever, fhall be
 
 HIS OWN BROKER, 149 
 
 ♦*' demanded, or taken, of any of his ma- 
 *• jelly's fubjed:s, for receiving or paying 
 *^ the faid contribution moneys, or any of 
 *' them ; or for any tallies or receipt, con- 
 *' cerning the fame ; or for infuring the 
 ^' moneyi> for paying the faid feveral annui- 
 *' ties, or any of them> or for any transfer 
 " of any fum, great or fmall, to be made 
 *' in purfuance of this act, upon pain that 
 *^ any offender, or perfon offending, by 
 *' taking or demanding any foch fee, re- 
 ^[ ward, or gratuity, ihall forfeit the fum 
 ^* of twenty pounds to the party aggrieved, 
 
 « with full cofts of fuir," &c. By a 
 
 claufe in the fame a6l, it is enacted, That 
 the transfer boo ksfnaii be open at all feafon- 
 able times, wherein all perfons may tranf- 
 fer, affign over, and accept flock; and in 
 their abfence, their attornies (lawfully au-- 
 thorifed) may do it for them ; but not a 
 word is faid of brokers. 
 
 Every money bill for conilituting trans- 
 ferable annuities has the fame claufes, fo 
 that the legiflature leaves the power and 
 
 H3
 
 ISO EVERY MAN 
 
 method of transfering open to every 
 body; and as free for a fervant, who has 
 only ten pounds to lay out, as for a mer- 
 chant with twenty thoufand ; and in fcveral 
 of the monled adts it is expreily enacfled, 
 That the clerks in the transfer offices fhall 
 aid and afiiO: firangers to transfer their 
 property. 
 
 If, after all, therefore, mankind will fhut 
 their eyes againft their own interefl, I can 
 only lament their blindnefs, and fit down 
 fatisfied with my own intention to do a pub- 
 lic good; which in a variety of inftances 
 communicated to me has had the defired 
 efTedt. The ingenious Mrs. Centlivre, in 
 her comedy of. The Bold Stroke for a 
 Wife, wrote lixty years ago, introduces a 
 iiock-broker, who, upon feeing two gen- 
 tlemen enter Jonathan's coffee-houfe, fays 
 to his brethren, *' I would fain bite that 
 ** fpark in the brown coat; he comes very 
 "often into the Alley, but never employs 
 *^ a broker." In this fliort fentence, fhe 
 has hnppily cxprelTcd the fentiments of the
 
 HIS OWN BROKER. 151 
 
 whole fraternity, and their adherents; 
 and has given us a hint, that even in her 
 days, fenfible people favv through the fal- 
 lacy of employing brokers, and tranfadted 
 their own bnlinefs; and if this was the cafe 
 then, how much greater reafon is there for 
 it at prefent, when our funds are annually 
 increafing, and the brokerage confequently 
 mull amount to a prodigious fum ? 
 
 I lliall take my leave of this part of my 
 fubje(5t with affuring my countrymen, the 
 inofl formidable oppoficion Ihall not abate 
 my zeal in their fervice ; and that^ if it b$ 
 necefTary co give farther inftrudtions, it iliall 
 not be wanting while a printing-prefs is to 
 be found in this metropolis : in confe- 
 quence of this declaration, all letters, and 
 inquiries relative to the funds, and all ob- 
 iedtions to this work (if font pofl paid) to 
 the publifher, fhall be duly taken notice of 
 in the next edition. 
 
 I have already mentioned the conve- 
 niency of carrying bank notes to buy (lock 
 with, or, if you are well known, of draw- 
 
 H4
 
 152 EVERY MAN 
 
 ing on your banker; and here I muft add 
 a remark or two about taking bank notes, 
 and draughts. 
 
 When you are paid in bank notes, for 
 any flock you have fold, be careful to exa- 
 mine, if the notes are above a year old ; 
 for if they are, you iliould infifton having 
 them examined, and marked in the ac- 
 comptant's oiHce in the Rank, before you 
 take them ; the mark of examination j^ou 
 will obferve in red ink on the face of the 
 note, referring to the letter and number in 
 which it Hands entered in the Bank-books 
 of notes ilTued. If you are paid by the 
 purchafer's draught on a banker, remember 
 to go and receive it as foon asconvenient, 
 any time before five in the afternooh of the 
 fame day ; the reafon is obvious, viz» that 
 a man may have cafh at a banker's in the 
 morning, and may draw it all out before 
 night •, and therefore it is proper, accord- 
 ing to the common courfe of biilinefs, to 
 prefent the draught the fame day you re- 
 ceive it; otherwife, I am told, you have
 
 HIS OWN BROKER. 153 
 
 no remedy, if payment fhould be refufed 
 the next day. 
 
 But the fafeft way, when a purchafer 
 propofes to give a draught on his banker 
 by way of payment is, to defire him to 
 draw on the back of the receipt you are 
 to give him as before directed ; for by this 
 means you do not part with the receipt tiJI 
 you have received your money at the 
 banker's. 
 
 Of letters of attorney I fhall only ob- 
 ferve, that fuch as are proper for all tranf- 
 adions in the funds, are to be had at the 
 Bank, South Sea, and India Houfesj and 
 that people fhould be very careful what 
 fort of letters of attorney they give, as 
 fome are only for receiving of dividends; 
 fome for buying ; others for felling ; and 
 general ones are for buying and felling, and 
 receiving of dividends : the lad, convey a 
 moft abfolute and unlimited power; and 
 have fometimes been given by ignorant; 
 people in the room of others, who have 
 thereby put their property into the hand* 
 
 H5
 
 154 EVERY MAN 
 
 of jobbers^ who have loft it all in the 
 Alley; amufing the proprietor, in the 
 mean time, by a pundual payment of the 
 dividends. 
 
 - This caution particularly merits the at- 
 tention of perfons refiding in the country at 
 a great diftance from- London, and who 
 very rarely vifit it, perhaps hardly once in 
 feven years. Thefe fliould coiifider, that 
 by giving a general power of attorney to 
 any agent in London, they abfolutely make 
 over their property for a time, till this 
 power is revoked; and they open the door, 
 by leading into temptation, to diverfe fpe- 
 cies of fraud, which may in the end deprive 
 them of their property, and expofe thcni 
 to the cruel neceffity of making public 
 examples of their fraudulent agents. A 
 mortifying circumilanee indeed, when the 
 criminal happens to be a near relation ; 
 and- of this we had. a melancholy inftance 
 icMue years- iince. A perfon polleiled of a 
 genevai ^x)vv.er of attorney to buy, fell^
 
 HIS OWN BROKER. 155 
 
 and receive dividends for another, reading 
 in the country, has it in his power, upon 
 any emergency, to fell out, and replace 
 the property entrufted to him, between the 
 times of paying the half yearly dividends, 
 without the knowledge of his principal ; 
 for if the fum be {landing in the transfer- 
 books, in the fame name, at any one given 
 time of making out the dividend warrants, 
 that it did at a former period, no notice 
 will be publicly taken of intermediate 
 transfers, if it had been fold out, and 
 bought in again twenty times ; but when 
 a principal fufpecfts his agent, I would 
 advife him to write fecretly to fome other 
 friend in London, defiring him to go to 
 the books, and examine his account, at 
 fome unknown period, between the times 
 of paying the dividends ; if the property 
 has changed hands, it will appear by this 
 method, for the temporary transfers will 
 have been pofled regularly in your account; 
 though if the property remains unaltered 
 when the dividend warrants -are made our^ 
 H 6
 
 156 EVERY MAN 
 
 the clerks have nothing to do with thefe 
 tranfadtions. To make this matter intel- 
 ligible to the meaneft capaeit)', let me 
 fuppofe, that a country gentleman, who 
 has loool. 3 per cent, confol. annuities, 
 gives a general power of attorney to a 
 young tradefman, or to any agent in 
 London who is occaiionally in want of a 
 confiderable fum of ready money ; can 
 any thing be more eafy than to fell out 
 the whole or any part of the country gen- 
 tleman's fund, between the ftated times 
 of paying the dividends, and to buy it 
 in again, juft before a dividend becomes 
 due ? Can there be a greater temptation 
 thrown in the way of a young perfon, to 
 turn (lock-jobber, to which he will proba- 
 bly be advifed by the very broker he has 
 employed to fell, and buy in, again, as he 
 wanted the money, or has been able to re- 
 place it ? And may not frequent fporting 
 w^ith the fund, at length carry him one iiep 
 farther, if fudden adverfity overtakes him, 
 even to the laft ftage of iniquity, that of
 
 HIS OWN BROKER. 157 
 
 felling out, and never replacing it again ? 
 I fhould not have entered fo minutely into 
 this fubjed, if fatal examples of frauds 
 of various kinds committed in confe- 
 quence of powers of attorney imprudently 
 entrufled, had not made it expedient. 
 One vidtim to public juflice exceeded all 
 his unhappy predeceflbrs ; for he forged 
 the will of a living relation (whofe divi- 
 dends he ufed to receive) purponina- a 
 bequefl of her property in the funds to 
 himfelf, and by means of this impofture, 
 adlually fold out the property without 
 fufpicion ; the clerks having been accuf- 
 tomed to have the hand-writing of the 
 principal produced by the young man, to 
 the power of attorney, could not be ex- 
 pected to exam.ine nicely the appearance 
 of the fame hand, figned to a will pro- 
 perly witnefled : but the arrival of the 
 unfortunate lady, in good health, at the 
 office, to receive her dividend perfonally, 
 thereby revoking the power of attorney, 
 difcovered the theft, and put it out of
 
 153 EVERY MAN 
 
 her power to fave the culprit. For it is to 
 be obferved, that in fuch cafes the offices 
 are obliged to repair the lofs of the fufferer^ 
 having been impofcd upon by forgery ; and 
 therefore the Bank, or any other public 
 company, where the event happens, be- 
 come the profecutors, for which reafon no 
 pardon is ever granted ! — and as it may 
 well be imagined, thofe whom we could 
 venture to invell with fuch powers mufl 
 be nekr and dear to us — how unfpeakable 
 rnufi be the regret ! — how pungent the 
 forrow, for having been the innocent 
 caufe of the deflrudion of a friend or 
 relation 1 
 
 I would, therefore, advife alj perfons, 
 who are unable^ from ficknefs, or the great 
 dillance of their refidence from London, 
 ro receive their dividends in perfon, to 
 give their powers of attorney to the clerks 
 in the offices to v;hich their funds belong : 
 thefe gentlemen having already given 
 fecurity for a public trull:, we can have 
 no apprehcnfic;-; ihat they will be guilty 
 5
 
 HIS OWN BROKER. 159 
 
 of any fraud in private tranfadions of 
 the fame nature. The confideration for 
 this additional duty may be made very 
 eafy to the principals,' and yet afford a 
 comfortable addition .to- the incomes of 
 thofe ufeful fervants to the public, who at 
 prefent are by no means compenfated for 
 their unwearied attention to bufinefs ; 
 and it would lelTen, if not wholly re- 
 move, the inducement they now have to 
 be concerned with the flock brokers in 
 various tranfacllons, which do not fo well 
 become their ftations, and fome of which, 
 as 1 have already obferved, militate againtl 
 adts of parliament. 
 
 A few difcreet perfons have always takci> 
 the m^ethod here mentioned; but it is not 
 generally known : it is therefore with a 
 view to render it univerfal, that I fo 
 ftrongly recommend it, at a time, wh-cn 
 it is hardly pofiible to be too cautious with 
 whom we entruft a power aver Eionied 
 property*
 
 i6o EVERY MAN 
 
 As to the laws in force relating to bro- 
 kers, they lie within the jurifdidtion of the 
 right honourable the lord-mayor, and court 
 of aldermen, who have enadted, '* That 
 every perfon who ad:s as a broker, within 
 the city of London, Ihall be impowered 
 fo to do, by being fworn in before the lord- 
 mayor, and giving bond for his fidelity, 
 and good behaviour ; and likewife for the 
 payment of forty fhillings per annum into 
 the comptroller's office." — The form of 
 this bond may be had at the faid comptrol- 
 ler's office, in Guild-hall, as likewife a lift 
 of licenfed Exchange-brokers, amongft 
 whom will be found a few fiock-brokers, 
 but not one half of the famous college, 
 two thirds of which are not licenfed by 
 any authority but their own. On examin- 
 ing the bond, it will appear that brokers 
 are not tp alTemble in 'Change-alle}' — nor 
 to have any property in the funds, in 
 which they tranfa(fl bufinefs, by commif- 
 fion. The firft claufe refpeding their af- 
 1
 
 HIS OWN BROKER. i6i 
 
 fembling in 'Change-alley is now become 
 ufelefs^ as the brokers alTemble at a very 
 large coffee- houfe, called the Stock-ex- 
 change, and have befides fpacious rooms 
 in the Bank, adjoining to the Transfer 
 offices, where they prepare their bufmefs 
 before they tranfadt it in the offices. But 
 the other claufe ought to be flridly en- 
 forced, for a partial and intcrefted line of 
 condu(i:1 will ever be the confequence of 
 il:ock-brokers being deeply concerned for 
 themfelves in jobbing accounts in the va- 
 rious fun<ls, at the time they are employed 
 to buy and fell for principals. — One re- 
 mark I cannot omit; which, if the ho- 
 nourable court juft mentioned (for whom I 
 have the mofi: profound refpedl) fhould 
 view in the fame light, they will probably 
 alter the manner of admitting brokers,— 
 The broker, on his admiffion, gives only 
 his own perfonal bond, in the penal fum 
 of jool. for his fidelity to the public: but 
 he finds the fecurityof a fubflantial houfe- 
 keeper, for the forty Ihillings per annum
 
 i62 EVERY MAN 
 
 payable to the city ; — how unequal this 
 meafure !— — A broker, during his whole 
 life, cannot owe the city above 150I. but 
 he may in an hour forfeit the 50c]. to the 
 public. 
 
 Having thus given the plainefl and 
 motl: am])le diredlions for tranfadting the 
 bufinefs in the funds, I fliall clofe this 
 chapter, for the fatisfadion of all whom 
 it may concern, with the genuine form of 
 the broker's bond. 
 
 KNOW all men by thefc prefei-><:s, That 
 
 . I am held and firmly bound to 
 
 . the mayor and commonalty and citizens 
 
 of the city of London, in five hundred 
 
 pounds good and lawful money of 
 
 Great Britain, to be paid to the faid 
 
 . mayor and commonalty and citizens, or 
 
 their certain attorney, fuccefTors, or af- 
 
 figns. To which faid payment, well and 
 
 truly to be made, I bind myfelf, my heirs, 
 
 . executors, and adminiftrators, firmly by 
 
 thef«prefents. Sealed with my feal^this
 
 HIS OWN BROKER. 163 
 
 day of in the year of the 
 
 reign of our Sovereign Lord 
 by the grace of God, King of Great 
 Britain, France, and Ireland, defender 
 of the faith, and in the year of our Lord 
 one thoufand feven hundred and 
 
 WHereas the above 
 bounden Is, by the court of lord 
 teayor and aldermen of the city of London, 
 allowed to be admitted and fworn a broker 
 within the fame city and the liberties thereof, 
 to have,ufe, and exercife the faid oilice and 
 employment, during the pleafure of the 
 faid court, and no longer. Now the 
 condition of this obligation is -fuch, that 
 if the faid for and during 
 
 fuch time as he (hall and doth continue 
 in the faid office and employment, fhall 
 and do well and faithfully execute and 
 perform the fame, without fraud, covin, 
 or deceit ; and fhall upon every contraft, 
 bargain, or agreement by him made, de- 
 clare and make known to fuch perfon or
 
 i64 EVERY MAN 
 
 perfons with whom fuch agreement is 
 made, the name or names of his principal 
 or principals, either buyer or feller, if 
 thereunto required; and (hall keep a book 
 or regiiler, and therein truly and fairly 
 enter all fuch contra(fts, bargains, and 
 agreements, within three days at the far- 
 theil after making thereof, together with 
 the names of the refpecftive principals for 
 whom he buys and fells ; and fnall, upoti 
 demand made by any or either of the 
 parties, buyer or fell-er, concerned therein, 
 produce and fhew fuch entry to them, or 
 either of them, to manifeft and prove the 
 truth and certainty of fuch contracts and- 
 agreements. And for fati$fa(9don of all 
 fuch perfons as fhall doubt whether he is a 
 lawful and fworn broker or not, lliall, 
 upon requefl, produce a medal of filver 
 with his majefty's arms engraven or (lamped, 
 on the one fide, and the arms of the city 
 with his name on the other. And fhall 
 not diredtly, or indiredtly, by himfelf or 
 any other, deal for himfelf or any other
 
 HIS OWN BROKER. 165 
 
 broker in the exchange or remittance of 
 money, or in buying any tally or tallies, 
 order or orders, bill or bills, Ihare or 
 Iharcs, or interetl: in any joinr-flock to be 
 transfered or afligned to himfelf or any 
 broker, ot to any other in truft for him 
 or them, or in buying any goods, wares, 
 or merchandizes, to barter or fell again 
 upon his own account, or for his own or 
 any other broker's benefit or advantage ; 
 or make any gain or profit in buying or 
 felling any goods, over and above the 
 ufual brokerage. And fhall, and do dis- 
 cover and make known to the faid court of 
 lord-mayor and aldermen, in writing, the 
 names and places of abode of all and every 
 perfon or perfons, as he fhall know to ufe 
 and exercife the faid office or employment, 
 not being thereunto duly authorifed and 
 empowered as aforefaid, within thirty days 
 after his knowledge thereof. And Ihall 
 not employ any perfon under him to ad: 
 as a broker within the faid city and liber- 
 ties thereof, not being duly admitted as
 
 i66 EVERY MAN 
 
 aforefaid. And fliall not prefume to meet 
 and afTemble in Exchang-alley, or other 
 public paffage or pafTages within this city 
 or liberties thereof, other than upon the 
 Royal Exchange, to negociate his buii- 
 nefs and affairs of brokerage, to the an- 
 noyance and obflrudlion of any of his 
 majefty's fubjecls, or any other, in their 
 bufinefs or pafTage about their occafions : 
 then this obligation to be void and of none 
 effed:, or elfe to be and remain in full 
 force and virtue. 
 
 Sealed and delivered 
 
 (che paper being firtl 
 , duly ftamp'd) in prefence cf
 
 HIS OWN BROKER. 167 
 
 CHAPTER IV. 
 
 CivifJg an account of the method cf raiftng the 
 annual fupplies granted by parliament, for de^ 
 fraying the public expences of the fl ate. — Of the 
 manner of fubfcribing, and of buying and fell- 
 ing fubfcription receipts, for three per cent, an- 
 7iuitics, and lottery tickets. -^Dif in flion betivixi 
 fubfcription paid in upon infill, or onl^ paid in^ 
 up to the time of fale ; called (in the language 
 of ^Change Alley) Light Horfe and Heavy 
 Horfe. — Difference betiuixt Siibfcripiion and 
 Omnium, vulgarly known by the names of Scrip, 
 and Omnium Gatherum. 
 
 IN times of peace, the ordinary annual 
 revenues of the flate proceeding from 
 the duties on the importation of merchan- 
 dife, called The Customs ; and from 
 the inland Taxes and Excises on almo'll 
 every article of confumption, and every 
 convenience of life ; are fufficicnt to defray 
 the expences of the civil and military ella-
 
 i58 EVERY MAN 
 
 blifhment of government, together with 
 the annual intereft of the funds. 
 
 But in times of war, the exigencies of 
 the Hate require very large fupplies, over 
 and above the ufual revenue, and the me- 
 thod of raifing thefe fupplies for many 
 years pad has been by redeemable annui- 
 ties, bearing an annual rate of interefl till 
 redeemed, and transferable at the Bank of 
 England, to which have been annexed, by 
 way of douceurs y w^hen the value of money 
 has been more than the interefl of the an- 
 nuities, lottery tickets, and determinable 
 annuities for a certain number of years. 
 It is the duty of the Chancellor of the Ex- 
 chequer, who very often is likewife firft 
 Lord of the Treafury, to find out ways 
 and means of raifing thefe fupplies, which 
 he does by fetting on foot, a fubfcription 
 for a loan to government of the wholeTum 
 v/anted, over and above the ordinary re- 
 venues of the flate. The Minlfler is guid- 
 ed, in the terms he propofes to the mo- 
 ney-lenders, by the value of money at
 
 HIS OWN BROKER. 169 
 
 the time of applying for the loan, and by 
 the circumftances of the nation. If fve 
 per cent, per annum can be had for the loan 
 of money upon the bell landed fecurity, 
 then it is evident, if the minifter means 
 to raife feveral millions upon three per cent, 
 transferable annuities, which are not worth 
 more than 60I. for every ioo\ fliare, that 
 h-e muft give certain douceurs for every 
 lool. lent him in money, to make up the 
 deficiency, both of principal and interell. 
 This is done by a profit on lottery tickets, 
 by determinable annuities, in a ratio that 
 will be explained hereafter. 
 
 When the parliament has voted thefe 
 fupplies, the fubfcription to the loan La 
 either open to the public, in which cafe 
 e\'ery refponfible perlbn is at liberty to 
 apply, by a proper let'.;: to the right 
 honourable the lords commiilioners of the 
 treafury *, for leave to be admitted to be 
 
 * The letter ftiould be directed to one of the i'c- 
 TetarieSj-deliriDg him 10 lay your requeil before the 
 
 I
 
 ijo EVERY MAN 
 
 a contributor, naming in his letter the funi 
 he defires to contribute ; or elfe it is 
 j^^rivate, that is to fay^ a certain number 
 of perfons of fortune have agreed to be 
 anfwerable for the whole fum to be fub- 
 fcribed ; and have made the required de- 
 pofir. 
 
 In the latter cafe, the only Hep to be 
 taken, by thofe who are not of the num- 
 ber juft mentioned, is to apply to fome of 
 them, for fuch part of the fubfcription as 
 you want, which, if you are a particular 
 friend, they will, perhaps, fpare you with- 
 out any premium, or for a very fmall one; 
 for it is not to be prefumed, that any 
 fmall number of men, who have fub- 
 fcribed for the whole fum to be ralfed, in- 
 tend, or can keep it, but that they propofe 
 to include in their fubfcription, all their 
 friends and acquaintance. Sometimes (but 
 
 ftrft lord and the reft of the board. Mr. Rofe is 
 the prefent fecretary, to whom fuch letters O.ould 
 be addieflcd.
 
 HIS OWN BROKER, 171 
 
 rarely) the fubfcnption lies open to the 
 public at the Bank, or at the Exchequer, 
 and then every perfon is allowed to fub- 
 fcribe what he thinks proper^ and if, upon 
 calling up the whole, there is a furplus 
 fubfcribed, as has generally been the cafe, 
 the fum each fubfcriber has fubfcribed, is 
 reduced in a juH: proportion, fo as to make, 
 in the whole, the fum granted by parlia- 
 ment. 
 
 But the fureft way of being included in 
 the lifls of fubfcribers, as matters are now 
 managed, is, for a monied man, whether 
 a merchant, a banker, or a private gentle- 
 man, to dlftinguifh himfelf upon all oc- 
 cafions as a friend and fupporter of the 
 meafures of ad minift ration ; for the fub- 
 fcriptions turning ou^profitable, the mi- 
 niller will undoubtedly take this opportu- 
 nity of rewarding his adherents. The ap- 
 plication fhould likewife be made early, 
 either before, or immediately after the 
 Chriftmas recefs .of parliament. When 
 the fubfcilption is full, the lift of names^ 
 I 2
 
 \ii EVERY MAN 
 
 ivith the fums allotted to each, is fcnc to 
 the Bank; and as foon as conveniently 
 may be, after the fubfcription is clofeci, 
 receipts are made out, and delivered to 
 the fubfcribers, for the feveral fums by 
 them fubfcribed : and for the conveniency 
 of fale, every fubfcriber of a confiderable 
 fum has fundry receipts, for different pro- 
 portions of his whole fum, by which means 
 he can the readier part with what fum he 
 thinks proper; and a form of afHgnment 
 is drawn upon the back of the receipt, 
 which being figned and wirnefled, trans- 
 fers the property to any purchafer. 
 
 The firtl depofit is generally of fifteen 
 per cent, and is made on or about the time 
 of fubfcribing; the fecond is about a month 
 after, and fo on ti^ the whole is paid in, 
 which is generally in Od:ober ; each 
 monthly payment being either ten, or fif- 
 teen per cent, Thofe, who chufe to pay 
 the whole fum "before the appointed days 
 of payment, are all©wed three per cent, 
 diicount, from the time of fuch payment
 
 HIS OWN EROxKER. 173 
 
 to Od:ober. The fubfcriptlon receipts 
 thus paid in full, are called in the Alle)^, 
 Heavy Horse, becaufe the gentlemen 
 of the Alley can make greater advantage 
 than three per cent, by the Light Horse, 
 and therefore they will not give near lo 
 good a price for the Heavy ; nay, fome 
 of them will abfolutely have nothing to 
 do with it, for this reafon, that they can 
 buy a thoufand pounds, Light-Horfe (with 
 one payment made) for the fame money 
 as one hundred pounds Heavy, and by 
 buying the Light, they have an opportu- 
 nity of fporting with, and gaining a pro- 
 fit on, a nominal thoufand, for the fame 
 money that it would cod to buy a hundred 
 Heavy. 
 
 LiGHT-HoRSE, therefore, is a commo- 
 dity to job with, and opens a moft exten- 
 five fcene of it ; to illuilrate this, 1 fhall 
 fl:ate the fcheme for raifing the fum of 
 iz^ooOjOool. by a loan, for the fervice of 
 the year 1781; as it was voted by the 
 committee of ways and means in the boufc 
 
 1 3
 
 174 EVERY MAN. 
 
 of commons, on Wednefday, March 7th, 
 J 78 1, and confirmed by the houfe, the 
 next day *. 
 
 For every lool. fubfcribcd, the fubfcriber was Intidcd 
 to 1 50I. in three per cent, annuities, transferable 
 at the Bank ; and this being valued at 58I. money, 
 for locl. iliare in the faid annuiiie?, the 150!. 
 (liarcwaEcalculatedtobevvorthat market 87 o o 
 
 Alio 25I. ft) are in 4 per cent, annuities, 
 which being worth 70I. money for 
 I ccl. fh.are in the faid annuities, the ^ 17 10 o 
 25I. fliare was calculated to be worth 
 at market 
 
 Alfo, ecery fubfcribcr of locol. reO 
 ceivcd four lottery tickets, paying I 
 id. for each ticker, calculated to fell ' 
 at 12:1. ics. So that the profit on four 1 
 tickets fliould amount to ten pounds, j 
 which on a lool. fubfcription is J 
 
 105 10 o 
 
 * I give the loan of .1781 the preference to that 
 of the prefent year 1784, bccaufe the latter was for 
 fo fmall a fum as 6,coo:ool. and being raifed ir* 
 a (imc of peace, and brought into parliament fo late 
 in the year as the 30th of June, did a©t furniOi fuch 
 ,a general line of illnftration of the tranfa«5tions of 
 the Alley, under this head, :.s thofe large loam, 
 which, for fcveral years pr.ft, have been ral fed by 
 {iubfcription, in time of war.
 
 HIS OWN BROKER. 175 
 
 According to this calculation, every fub- 
 fcriber of lool. would gain 5I. los. But 
 the faid annuities riling in price afterwards, 
 and the lottery tickets felling at 13I. 14s. 
 the fubfcribers who fold out at the higheft 
 price, gained nine per cent, and it was 
 affirmed that fome bargains were made 
 on the eighth of March at eleven per cent. 
 But upon an average it may be fairly de- 
 clared to be a gain of feven per cent. 
 To which if we add the difcount for 
 prompt payment, it will be found that 
 thofe perfons who, having fpare money 
 by them, fubfcribed with an intention to 
 veil their property in the funds, (not to- 
 job with their fubfcription) gain near ten 
 per cent. At the fame time, an ad of 
 parliament remains in force, reflridling 
 legal interefl to^i^^ per cent, and punifli- 
 ing as ufurers, with the forfeiture of treble 
 the fum lent — " all perfons who fhall take 
 . more than five per cent, per annum, in- 
 terefl, or premium, on any fum of money 
 advanced by way of loan, on any real or 
 
 1 4
 
 176 EVERY MAN 
 
 perfonal fccurity whatever." Would it 
 not have been proper to have raifed the 
 legal intercll of money lo fix per cent, by a 
 new adt of parliament, the moment that 
 money rofe to the value of more than five 
 per cent, and confequently that govern- 
 ment itfelf was obliged to give more, 
 and, in fad:, to violate its own ftatute 
 iavv ? 
 
 However, the premium, or profit, upon 
 the whole, to the fubfcribers, will be 
 more or lefs, according to the value of the 
 feveral articles, which varies almoft every 
 xlay ; and few of the fubfcribers keep their 
 whole fubfcription undivided; therefore as 
 each article is faleable apart, there is al- 
 ways a fufficient quantity of each in the 
 market, as foon as the receipts are out 
 (which is generally after the fecond pay- 
 ment) and happens mofl commonly in 
 April ; the receipts for the three and four 
 per cent, annuities are called by the bro- 
 kers. Scrip, and Light-Horfe ; that is, 
 they are convenient troops, that do not
 
 HIS OWN BROKER. 177 
 
 coll much to maintain ; and may be dif- 
 banded with much greater eafe than the 
 Heavy Horfe, 
 
 The conveniency of Light-Horfe, or 
 Scrip, is this ; that in the month of April, 
 for inftance, juft after the fecond payment, 
 a perfon may buy a receipt for 150I. three 
 per cent. Scrip, for twelve pounds, the 
 method of reckoning which is thus ; fup- 
 pofe the current price fifty-eight per cent, 
 this is forty-two per cent, below par ; and 
 as the purchafer buys the three per cent. 
 Scrip, by itfelf, without the other douceurs 
 that accompanied it,, he muit be allowed 
 thedifcount, viz. thirteen per cent, which 
 will be the difference between the actual 
 value at market of his receipt for 150I. 
 three per cent. Scrip, and lool. which 
 mufl be paid for it finally, and the pw- 
 chafer muft dedu<ft this from the payments 
 that have already been made upon it by 
 the feller, having no ccher means of re- 
 covering ir. 
 
 1 5
 
 378 
 
 EVERY MAN 
 
 Therefore the method of making out a 
 .bill for a receipt for 150]. three per cent« 
 Scrip. 1 78 1, after the fecond payment^ 
 would be thus : 
 
 A, fells to B. 15:1. three per cent»-| 
 Scrip, at 58 per cent, on which he | 
 has made two payments of 15I. 1 ^ 
 and icl. per cent. 1 
 
 N.B. According to the fcheme a j 
 150!. fliare is given for lool. J 
 
 J5. not being poflefTed of the 25I. 4^ 
 per cents, nor the proportion of the 
 lottery tickets, which are the dou- 
 ceurs, and yet being obh'ged to make 
 . the future payments up to lOol. 
 for the 150I. 3 per cents, he mufl 
 deduct from the payments already . / j , 
 made by A. the diiierence between ' 
 the ready money value of his 150I. 
 receipt, (which we have feen by the 
 fcheme i& only 87I.) and lOol. 
 money, which will finally be paid 
 upon it, this deduflion therefore 
 will be 
 
 Balance jf 12 00
 
 HIS OWN BROKER. 
 
 17^ 
 
 From this flate of the cafe it appears 
 that B. gets pofTeffion of 150L three per 
 cent. Scrip, for twelve pounds, which he 
 may therefore juflly call Light-Horfe; 
 and the great profit of Scrip, bought on 
 thefe eafy terms, is, that if a little rife 
 happens, you make the fame advantage of 
 one, tv;ro, or three per cent, on the nomi- 
 nal fum> as if you had actually paid in 
 the whole ; and can likewife find more 
 purchafers for your receipts ; for no man, 
 who bu3^s with a view of felling again, 
 when a favourable opportunity happens, 
 will chufe to give 87L (which is the va- 
 lue when all is paid in) for that which he 
 can buy for twelve pounds. 
 
 It is eafy to conceive what a vafl field Is 
 opened by this means for jobbing, as a man 
 poffefled of 120I. in cafli might purchafe 
 1500L of Scrip, after the fecond payment ;. 
 and if he could not fell it again to advantage 
 before the next payment came on, he might 
 put it out to nurfe, that is, depofit it in the 
 hands of fome monied man, who, for a 
 I 6
 
 iSo EVERY MAN 
 
 proper confideration, would pay in upon it, 
 and keep it as his fecurity, till the pro- 
 prietor had an opportunity of felling it to 
 advantage ;* which he would do fooner or 
 later, if he had any /kill in — private let- 
 ters from Oflend, America, or the Indies. 
 
 This part of jobbing is, however, the 
 lead to be found fault with of any, be- 
 caufe every man has an undoubted right 
 to buy and fell as often as he thinks pro- 
 per ; but then it may reafonably be fup- 
 pofed, that the great advantages arifing to 
 the brokers from the annual circulation 
 of Scrip, and the opportunity every man 
 has of fporting in the Alley with fmall 
 furns,. has co-operated to obf^rud the car* 
 rylng into execution many better fchemes 
 
 •* The loan for 17S3 fo overloaded the market, 
 'that private bankers refufed to receive it ; but at 
 -length, the Bank took compaflion on the holders 
 ;of Scrip, and made the three laft payments for 
 
 ihem, at the fame time allowing them till January, 
 
 ir84, to redeem it.
 
 HIS OWN BROKER. iSi 
 
 for raifing the fupplies ; becaufe, from 
 the nature of them, they would have been 
 open to the public, and eould not have 
 palTed through the hands of the brokers, 
 nor their adherents. The year 1756, or 
 1757, I think, furnifhed us with an in- 
 ftance of this kind, when a fcheme for 
 Tailing the fupplies on a new plan, admir- 
 ably calculated to prevent the increafe 
 of the national debt, and as advantageous 
 to the public as any that has fince been ac- 
 cepted, lay at the Bank for feveral days 
 unfilled; and was obliged to be laid afide, 
 though it was drawn up by that able finan- 
 cier, and truly great man, the late Mr. 
 Legge, at that time chancellor of the Ex- 
 chequer; and for no other reafon that ever 
 I could find, but becaufe the brokers 
 univerfally cried it down, and advifed all 
 their clients to have nothing to do with 
 it; for this obvious motive, that the 
 whole tranfadion was to be betwixt the 
 people and the government; and thefe
 
 i82 EVERY MAN 
 
 gentlemen could reap little or no profit 
 from ir. 
 
 Lottery-tickets arelikewife divided inta 
 Light and Heavy Horfe ; the former of 
 which anfvvering the fame purpofes as 
 Scrip, it is needlefs to fay any thing far- 
 ther on this head. 
 
 OxMNiuM is the v/hole fubfcription un- 
 divided ; and is known in the Alley by the 
 name of 0?nmmn Gatherum, a cant phrafe 
 for all together. 
 
 Whoever conliders with attention what 
 amazing fums the government of Great 
 Britain has been enabled to raife in the 
 eafy manner juft defcribed, will find that^ 
 independent of the mifchiefs arifing from 
 Aock-jobbing, the flupendous fabric of 
 public credit, built on that folid founda- 
 tion, the inviolable faith of parliament, 
 has accomplifhed the greateft events for 
 the glory, welfare, and prefervation of 
 thefe realms : it has fupplied to us the 
 want of gold and iilver mines, and of 
 amaffcd treafures, which were the re-
 
 HIS OWN BROKER. 1% 
 
 fources of ancient flates and empires in 
 time of war : by the llrength of public 
 credit, money has been raifed for the ex- 
 traordinary expences of the flate, at the 
 niofl critical junctures, and under the 
 moft trying circumftances, with greater 
 expedition than it could have been coined 
 in other countries ; and all the unem- 
 ployed money of Europe has been lent 
 to this country, becaufe the intereft, or 
 annual annuity agreed on, has always been 
 pundually paid, while at the fame time 
 the market has been kept open, by which 
 means all proprietors of any of the funds 
 have conltantly an opportunity of recover- 
 ing their principal whenever they are dif- 
 pofed to withdraw it, by transferring 
 their property to new purchafers ; fome- 
 times indeed with a fmall lofs, but of- 
 tener with gain. 
 
 Poflerity will hardly believe, that ten or 
 twelve fubjedts of Great Britain Ihould be 
 able to engage in a loan to government
 
 i84 EVERY MAN 
 
 of feventeen millions fterling ; and that 
 their credit was fo entirely to be depended 
 on, that on the bare fubfcribing of their 
 names, and making a fmall depofir, ad- 
 miniflration fhould with confidence en- 
 gage in the mod extenfive operations of 
 war, and fend forth fleets and armies with 
 the fame alacrity and expedition, as if the 
 whole feventeen millions were a(5lually 
 depolited in fpecie, in the ahke of the 
 Exchequer, In a word, this extent of 
 our national credit is a Handing miracle 
 in politics, which at once aflonilhes, and 
 over-awes the dates of Europe,
 
 HIS OWN BROKER. 185 
 
 CHAPTER V. 
 
 Of India bends.'— For 7n of mahing out bills for 
 felling of them. — Account of Navy and Fie- 
 fualling bills, and of Exchequer bills.'—Direc^ 
 tions hoiu to avoid the lofjes that frequently hap^ 
 pen from the defruElion of Bank notes, India 
 bonds y and other public fecurities for money^b^ 
 fire, and other accidents, 
 
 INDIA bonds are the mofl convenient 
 and profitable fecurity any perfon can 
 be pofTeiTed of, who has a quantity of caih 
 unemployed, but which he knows not how 
 foon he may have occafion for ; the utility 
 and advantage of thefe bonds is fo well 
 known to the merchants and traders of the 
 city of London, that it is wholly unnecef- 
 fary to enlarge upon the fubje(fl. There is 
 as little trouble with an India bond, as 
 with a Bank-note : it is not indeed cur- 
 rent in the common courfe of bufincfs, 
 but may always be fold in office-hours, 
 at any of the public offices, as well as at
 
 i86 EVERY MAN 
 
 the Stock-Exchange ; and the method qf 
 making out the bill is this — Take a quar- 
 ter of a fheet of paper, and write. 
 
 Sold to Sir Friendly Wilfon, May 12th, 178!. 
 
 /. J. d. 
 One India Bond (B. 2cy) ico o o 
 
 Intereft 2 months 17 days 013 o 
 
 Premium o 10 o 
 
 Under this write a common receipt. 
 
 When you want to bu}^, you have no 
 farther trouble than to agree on the price, 
 for the feller is to make out the bill. 
 
 Thefe bonds are ufually for lool. each ; 
 and the feller receives the intereft of the 
 purchafer up to the day he fells ; they 
 carry at prefent four per cen^. 
 
 Navy and Victualling bills are delivered 
 from the Navy and Vicftualling offices, to 
 fuch perf^ns as contracl with them for 
 fundry provifions and {lores for the fervice 
 of our fleets : while they are in circulation 
 they conltitute part of the Navy debt.. 
 They bear no intereft till fix months after
 
 HIS OWN BROKER. 1S7 
 
 ciate, and then the intereft is not paid at 
 ftated periods, like the intereft on the 
 funds, but it accumulates, and is paid only 
 when the bill itfelf is paid off. Afeer the 
 firft fix months the}^ bear four per cent, in- 
 tereft. It was originall}^ the pra^ftice to 
 pay thefe bills off before any intereft was 
 due upon them, and as it was thought rea- 
 fonable that the contractors with the Navy 
 and Vidlualling offices fhould give fix 
 months credit, the annexed condition of 
 four per cent, was only a provifion againft 
 any incidental deficiency or embarrafiTment 
 in the public revenue, which might pre- 
 vent their being paid off within the firft fix 
 months. In procefs of time, they w^ere left 
 unpaid upwards of a year; and duringthe 
 late war, they reniained unpaid upwards 
 of three years after date. They are made 
 out for various, and moft common'ly 
 for large fums, and the poffeftbrs of them 
 being often in want of money, bring them 
 to market. According to the prefent 
 value of money, which may be reckoned
 
 i88 .EVERY MAN 
 
 above five per cent, the dilcount fliouTd 
 be only 2| per cent, to be allowed in the 
 lieu of intereft for the firft fix months. 
 But fo unwilling are the monied people 
 to lock up large fums of money for an 
 uncertain time, and indeed fo few men 
 are to be found at this time, who have 
 large fums unemployed, that the difcount 
 on Navy and Victualling bills has been 
 lately from fifteen to eighteen per cent. 
 a mod enormous profit! — efpecially as, 
 in the courfe of the prefent year, no lefs 
 than 6,6oo,oool. of thcfe bills iffued in 
 the years 1 781 and 1782, arc to be con- 
 verted into a new fund transferrable at 
 the Bank of England, and bearing five 
 per cent, annual intereft. After which, 
 there will ftill remain bills in circulation 
 for 6,6oo,oool. till fome future meafure 
 is taken to pay them off, or fund them. 
 
 They are dangerous things to lofe, on 
 account of the blank, aflignment ; and not 
 being a general commodity, becaufe they 
 are motlly for large funis, they are con-.
 
 HIS OWN BROKER. 1S9 
 
 ^ncd ro a few hands ; and to the public in 
 general, for whofe fervice I write, they are, 
 ijpon the whole, not the mod eligible com- 
 modity; though to particular people, who 
 can afford to lie out of their money fome 
 time^ and have large funis to fj)are for this 
 purpofe, they are fo very advantageous. 
 
 There are likewife ;7o;;-intere(l Victual- 
 ling bills, ifTued by the Vidualling office 
 only, for balances due to purfers of fhips, 
 Thefe gentletnen to be fure carry on a 
 very profitable trade; a purfer's place of 
 a 74 gun fliip being worth 5 or 600I. per 
 annum, befides prize-money ; but what 
 they refund to the difcounters of bills bear- 
 ing no interefi, feldom tranfplres. 
 
 Government labours under great dif- 
 advantages from lufferingNavy bills to re- 
 main unpaid till intereft becomes due, for 
 the contradors take care to allow thcm- 
 felves the difcount they will be likely to 
 pay, in their charges on the articles fur- 
 nifhed ; fo that when Navy and Vi^ftual- 
 ling bills are at 14 per cent, difcount.
 
 I93» EVERY MAN 
 
 the contradlor gives only the value of Z6\, 
 in (lores, provifions, &c. for lool. and 
 thus if the bill is not paid in lefs than i8 
 months, government pays 18 per cent, 
 difcount and intered. 
 
 Exchequer bills are drawn by authority 
 of parliament, and the following is the 
 form ofone, now before me, iffued in 1780, 
 
 " This bill entitles the bearer to one 
 hundred pounds, with intereft at threepence 
 by the day for the fame, payable out of 
 the firfl aid to be granted for the year 
 1 78 1 : and if no fuch aid fhould be granted 
 before the 5th day of July, 1781, then 
 out of the finking fund. But this bill is 
 not to be current or pafs in any of the 
 public revenues, aids, taxes, or fupplies 
 whatever, or at the receipt of the Exche- 
 <]uer, before the 5th day of April, 17 81." 
 
 Navy bills are frequently paid off in 
 part by Exchequer bills, and thefe gener- 
 ally bear a premium, fo that the holders 
 of Navy bills prefer this mode of pay- 
 ment to calh.
 
 HIS OWN BROKER. 191 
 
 The faiall amount of Exchequer bills, 
 formerly iiTued, occafioned them to be 
 confined in few hands, but of late years, 
 two and three millions being ilTued yearly, 
 and regularly paid off out of the aids of 
 the enfuing year, they are become very 
 current at marker, and are more eligible 
 than In-dia bonds ; being a parliamentary 
 ^fecurity, and as readily turned into money 
 upon any fudden emergency. 
 
 Ilhall here fubjoin a few diredlions how 
 to avoid the frequent lofles that are fuf- 
 tained by the deftrudtion of Bank notes, 
 India bonds, &c. which, however fimple 
 they may be, will be found not the lefs 
 ufeful, and may not have entered into the 
 heads of thofe who ftand moft in need of 
 them* 
 
 A great many people have iron cherts, 
 and a fort of iron caves placed in brick- 
 work, in their cellars ; thefe, no doubt, are 
 very fecure : but there are numbers who 
 are not fituated in places where thefe con- 
 veniences are to be had, and if they are,
 
 ic)2 EVERY MAN 
 
 perhaps cannot afford them : yet they have 
 oftenjin thecourfeof bufinefs^Bank notes, 
 India bonds, and other fecurities, the lofs 
 of which may be more fatal to them than 
 to the rich, who have thefe means of fecu- 
 rity : thefe therefore I advife to take the 
 numbers, and principal contents, of all 
 public fecurities for money, in a fmall 
 memorandum, or pocket-book, to be kept 
 always about them-, fo that if they efcape 
 from a fire with only their cloaths, they 
 may be able to fwear to, and recover, 
 their property. What makes me the more 
 particular in giving this dire(flion, is, that 
 I have obferved feveral tradcfmen, when 
 they go out of town, lock up their notes, 
 and the books in which they are entered, 
 in the fame compting-houfe, and fome- 
 times in the fame defk; than which no- 
 thing can be more abfurd: for, even when 
 at home, it is much better to have fuch a 
 memorandum about you, as you have 
 thereby the lefs to think of, and the lefs 
 hazard to run, in cafe of fire. I think
 
 HIS OWN BROKER. 
 
 ^93 
 
 this hint might in many cafes be extended 
 to an abflrad: of debts ; but this I fubmit 
 to better judgments, as not knowing whe- 
 ther fuch an abflract would be valid in a 
 court of equity. 
 
 But at all events, it fhould be followed, 
 with refped: to every fpecies of paper fe- 
 curity, payable to bearer; for, independent 
 of the accident of fire, if a note, bill, or 
 bond is loft, you have no means of reco- 
 vering it, if you have not a memorandum 
 by you, kept apart from the fecurity, en- 
 abling you to trace ir, and to give notice 
 at the proper offices, that the perfon who 
 offero it for payment may be detained, til! 
 you arrive to examine him how he came by 
 ir. For, as to flopping payment, that is a 
 deception, though daily advertifed ; bills 
 payable to the bearer muft be honoured. 
 
 The following example may be of ufe in 
 liluftration of this fubjcdl. A highway- 
 man robbed the mail fome years (ince on 
 the Weflern road. He afterwards came 
 to London, hired a pod-chaifc^ travelled 
 K
 
 194 .. EVERY MAN 
 
 in the charadler of a gentleman, took a^ 
 frefh chaife at every pofl-houfe, and chang- 
 ed a fmall bank note (taken out of the 
 mail) at almofl every inn, and in this man- 
 ner returned to town by the Eal^ern road ; 
 he was apprehended, tried, convidled, and 
 executed. In the mean time, many of 
 the notes were tendered at the Bank for 
 payment, and the owners having given in 
 the numbers and value, payment was re- 
 fufed, till the point of property was tried, 
 and it was determined in the court of 
 King*s bench, before Lord Mansfield, that 
 the Bank muft pay the bearer, otherwife 
 the free circulation of their notes as calh 
 would be ftopt. The lofs fufiained by the 
 owners in this cafe was recoverable only 
 from the General Poft-office ; and this 
 could not be effedted, without a feparate 
 account having been kept of the number 
 ,and value of the notes. 
 
 However, with refpedl to Bank notes 
 fent from the country to London by the 
 poft, there are other precautions ufually
 
 HIS OWN BROKER. 195 
 
 taken — viz. cutting the notes in half, and 
 fending one part by one poil, and the other 
 hy the next. Alfo endorfmg on a whole 
 iiote, thefe words — " Sent per poll, — — . 
 day of to Mr. , Merchant in Lon- 
 don ;" which endorfement would prevent 
 any honeft perfon giving cafh for them, if 
 they were ftolen out of the mail. And per- 
 fons remitting from London to the countr}^ 
 or travelling, fhould make ufe of Bank 
 Poft bills, which are made out to the 
 owner or order, inflead of the bearer, and 
 being payable only a certain number of 
 days after iight, (generally feven,) mult 
 be carried to the proper office in the Bank 
 for acceptance, which gives time to the 
 owner if he has been robbed, or has loft a 
 Bank Pofl bill, to flop acceptance and re- 
 cover his property. Another advantage is, 
 that being made to order, it cannot be cir- 
 culated without the owner's endorfement, 
 which he (hould not put till he wants to 
 convert it to calh.
 
 196 EVERY MAN 
 
 CHAPTER VI. 
 
 Of the Origin and Progrefs of Public Credit in 
 England— The Origin of Bankifig — EJJabliJJj- 
 nient of the Bank of England — Of Bankers — Of 
 the Aggregate Eu7id — And of the Sinking Fund. 
 
 HAVING had occafion to mention 
 the great advantages arlfing to this 
 kingdom from the flourifliing flate of its 
 public credit, in lime of war, (p. 41) it 
 has been thought neceflluy by fome 
 gentlemen, who have perufed my treatife 
 on the Elements of Commerce, Politics, 
 and Finances,* that 1 fhould borrow 
 from that work, a more ample explanation 
 of a fubjedt fo clofely conneded with 
 banking and the'linking fund; and as it has 
 
 *■ In one volume ^ro, punted for R. Baldwin, 
 ia Patci-Noflcr-Rovv,
 
 HIS OWN BROKER 
 
 197 
 
 been my conftant pradice, from the pub- 
 lication of the firft edition of " Every 
 Man his own Broker," to pay attention to 
 every improvement fuggefieJ by its Rea- 
 ders, I fhall make no apology for intro- 
 ducing into this chapter, the following ex- 
 tradls from my other work ; nor for an- 
 nexing a fupplement, highly interefting 
 to every ftockholder, from that part of my 
 Elements of Finances, which treats of 
 the fyftem of flock-jobbing. 
 
 " I fhall be very concife in my dcfini- 
 ^' tion of Public Credit, becaufe, 1 ima- 
 *' gine,the fubjediis pretty well underflood 
 *« in this kingdom, where fo many perfuns 
 " are concerned in its extenfive operations. 
 
 ^* Public Credit, as it refpedls money 
 ** tranfadtions, and particularly the fyftem 
 " of Finances, or the adminiftration of 
 '^ the revenues of kingdoms, means no 
 *^ more, than that mutual confidence be- 
 «^ tween government and the people, which 
 •' enables the former to obtain, by dlf- 
 <^ pofing the latter to contribute, very large 
 
 K3
 
 198 EVERY MAN 
 
 " portions of their perfonal eflates, to fup- 
 " ply the exigencies of the ftate, on great 
 ** emergencies; upon the ilrength of obll- 
 '• gations contracted and promifed to be 
 *' pundtually performed on the part of 
 ** government, at dated future periods of 
 •* rime. 
 
 ^* Our enquiries concerning the m.cans 
 *^ by which Public Credit, thus defined, 
 " has been ellablifhed in this kingdom, 
 " leads us diredtly to the fubjedt of 
 *' banking, to which Public Credit in all 
 •' countries owes its origin, and we muft 
 " now confider them as blended, or rather 
 *' united by the following principle. 
 
 «' Whatever is eftablilhed by the autho- 
 " rity, and common confent of a nation, 
 " to be the medium of their mutual ex- 
 *' changes with each other, is properly the 
 ** money of that nation. It may, therefore, 
 •' confift of gold, filver, and copper coin; 
 " or of paper; as Bills of Exchange, pro- 
 •' milTory notes, bonds, and other fecu- 
 M rities for fpecle ; all of them anfvvering
 
 HIS OWN BROKER. 199 
 
 «^ one and the fame purpofe ; general 
 
 *' CIRCULATION. 
 
 " On this principle, banks of circula- 
 " tion were formed ; being an imptove- 
 " ment on banks for mere depofit. 
 
 ** And on the good faith of banks of 
 *' circulation, together with a political ap- 
 *^ plication of the principle^ and of the 
 ** advantages arifing from ir, was planned 
 " the fydem of borrowing money on pub» 
 ** lie, or national credit, in England, 
 •' The faith of parliament having the fame 
 ** effect as the inviolate credit of banks ^ 
 *^ and being fubflituted in the place ; that 
 ** is to fay, to fupply the defecfl of amaiTed 
 ^< treafures, or of the mines of the precious 
 ^* metals, 
 
 ** The general definition of a bank, 
 <* means no more than a public repoli^ 
 , ** tory for money, to be refunded on 
 ** demand, 
 
 •^ But banks on this limited feheme not 
 -** being generally ufeful to commerce, 
 *• improvements were made on this idea of 
 
 * K4
 
 aoo EVERY MAN 
 
 '* depofiting money in banks, at firfl only, 
 *' intended for the convenience and fecu- 
 •^ rity of private peifons : and the Italian 
 *' banks very early opened a circulation of 
 " fpecie, by difcounting and negociating 
 *' bills of exchange, and by purchaiing 
 *' or lending money on bullion, plate, 
 ** jewels, and other valuable effcds. For 
 ** the knowledge of this profitable traffic 
 "they were indebted to the Jews, fettled 
 ** in Lon:ibardy, who, partly for their own 
 ** convenience, and partly on the princi])le 
 ** of gain, affiled in the eflablifhment of 
 *' banks of circulation. In procefsof time, 
 ** thefe banks acquired additional Itrength 
 " and new profits, by means of their credit, 
 " which enabled them to make their notes 
 " the medium of their exchanges, and to 
 ** ifTue them in payment of demands on 
 ** them, in the room of cafb. 
 
 *' In our didionaries of commerce, you 
 << may findan ampledetailof theconftruc- 
 •^ tiqn of all the banks of Europe. My 
 ** fubjcdl requires an attention-only to two: 
 *« the bank of Amflerdam, and the bank
 
 HIS OWN BROKER. 201 
 
 " of England ; the firft having furnifhed 
 ^^ the outlines of, and the laft fupported 
 '^ the ilrudure of public credit^ and of 
 *' paper-money^ in this country. 
 
 ** The bank of Amflerdam was founded 
 *^ at the beginning of the lafl: century ; the 
 *' republic of Holland having ah-eady 
 *' viewed, with a wdfhful eye, the national 
 ^' advantages arifing to the flates of Venice 
 *' from their bank. They, therefore, 
 *^ took, the advantage of favourable ciiv 
 ^' ciimilances — peace, commercial profpe- 
 *« rity, and a redundancy of cafh — to form 
 *' a bank, which was at once to be a repo- 
 *^ iitory for money, and to fupply its place 
 *^ in commercial tranfadtions : for by an 
 *' ordinance, at the time of its eftabliih- 
 ** ment, the payment of bills of exchange^ 
 " and of merchandize purchafedin whole- 
 *^ fale quantities, muft be made only in 
 " affignments on the bank, which cannot 
 *^ be refufcd ; and thiis millions are cir- 
 *' culated in a day, without the interven- 
 *^ tion of the precious metals, by {utl^Iq 
 K 5
 
 202 EVERY MAN 
 
 ** transfers, or aflignments on rtie bank. 
 ** But for the convenience of {^rangers and 
 ** of retailers, there are a fet of cafliiers, 
 *^ out of the bank, who are always ready 
 " to ifTue cafh for bank affignments ; and 
 ** no fum is taken in at the bank, from 
 ** private perfons, under three hundred 
 " florins, about thirty pounds flerling : 
 *^ by thefe means, there is always fpecie 
 ** enough current for the purpofes of com- 
 *' mon, domeftic circulation. And though 
 *' this famous bank does not avail itfelf of 
 *' ilTuing notes of credit, yet its reputation, 
 *' through the facility of its transfers, and 
 ** the prevailing notion of its vaft trea- 
 -** fures^ real or im.aginary, was carried to 
 ** fuch a height, that it furpafTed all other 
 ** banks in Europe, tiil that of England 
 ** began to flourifh ; and, on account of 
 *^ its improvement of the Amflerdam plan, 
 ** gained the preference. 
 
 *♦ William III. eftablifhcd the bank of 
 *' England, upon fome of the outlines of 
 << that cf Amfterdam, with ihefe material
 
 HIS OWN BROKER. 2oj 
 
 *^ improvements. No perfons are con- 
 *^ llrained to pa)^, or to receive payment iil 
 " bank notes ; the matter is left open, 
 " free, and optionable, agreeable to the 
 ** genius of the Britilh nation. 
 
 " The original proprietors, or fubfcrl* 
 *' bers to the fund which formed the ca- 
 ^' pital of the bank of England, had four 
 " per cent, annual interefl, from the time 
 *^ of making the depofit; nor was the 
 '^ whole principal fum ever called for, I 
 " believe only eighty-five per cent. Thus 
 *^ they have enjoyed /c^z/r per cent, on a 
 «* nominal lool. Ihare ; this has iikewife 
 *^ rifen, by the profits of the com.pany, to 
 *^five and a half per cent, befides which^ 
 ** their original nominal lool. fhare, has 
 " rifen to be worth 160I. and fometimes 
 " more : whereas the contributors to the 
 *< foundation of the bank of Amfterdam^ 
 *^ have never received any other profit, but 
 *^ that of the rife and fall of the ^^/^, onbuy- 
 *' ing and felling, which varies from three to 
 ^^fix per cent, I fpeak of th€ public % 
 K 6
 
 204 EVERY MAN 
 
 <^ what th*e dates, or the diredors may 
 <^ gain, is as great a fecret as the treafures 
 *^ of this bank; eilimated by fome writers 
 ** at twenty-eight million flerling, in gold 
 *^ and filver bars, and fpecie. Bur Sir 
 *« William Temple, a very difcerning wri- 
 •• ter, obferves, that there is no forming 
 ** an adequate notion of its real riches ; 
 *' for though they lliew a great quantity of 
 ♦* ingots of gold and filver, in a large 
 ♦* vault under the town-houfe, yet the 
 •' facks Handing by them, and faid to con- 
 " tain coin, may, or may not, as they are 
 " never infpedted but by the burgomafters, 
 «» It is mofl: likely, the greatefl: part of 
 *^ their treafure is ideal; and that King 
 *' William was in the fecret, fince he fo- 
 ** readily purfued the fame principles of 
 *« public credit in England. 
 
 •• In every reputable bank, whofe note* 
 ** on demand enter into circulation, the 
 *' fame as fpecie, one third of the amount 
 ** of their paper-credit will always be a
 
 HIS OWN BROKER. 20; 
 
 '* fufficiency of coin to keep their calh 
 *' payments regular; and fo long as money 
 *^ can be inftantly had for their notes, 
 ** thefe will always have the preference, 
 ^< on account of the facility of tranfport, 
 " and to avoid the time and trouble of 
 ^' tale, in large fums. 
 
 " ButKingWilliam extended the Dutch 
 '« plan, by conllituting annuities determi- 
 *« nate and perpetual, as a confideration 
 " for capital fums borrowed ; and thefe 
 *' were made transferable on the very 
 " principle of the transfers of the bank 
 " at Amiterdam. 
 
 " This is the true origin of the funding 
 •< fcheme ; and the hiflory of the genera- 
 ^* tion of brokers, bears the fame date. It 
 " is likewife remarkable, that their com- 
 *' miffion for buying and felling is an eigblb 
 *^ per cent, exadly the fame as is taken by 
 *' the agents of the bank aflignments at 
 *« Amfterdam. But the misfortune aitend- 
 *^ ing the funding fyftem at the Revolu- 
 *^ tion; was, that want of affedion, a dif-
 
 2o6 EVERY MAN 
 
 " fldence of government, and the fear of 
 ** another Revolution, prevented King 
 ** William from prpfiting by the plenty qf 
 ** money then unemployed in the nation, 
 " and obliged him to tender very high 
 *' intereil, which opened the door to the 
 " excifes that have been entailed on us, 
 *f from the aera of his reign." 
 
 Let us now proceed to the nature of the 
 bufinefs of private bankers, which has 
 confiderably increafed of late years, and 
 the profits ariiing from it, been fo al- 
 luring, that their number is more than 
 doubled : indeed, if a check had not been 
 put to their amazing increafe, by the fail- 
 ures in 1772, it is probable mod of the 
 monied men in the kingdom would have 
 turned bankers. 
 
 The art or myftery of private banking 
 was brought over to England by foreigners ; 
 fome authors aflert, by Italians. — The 
 common bufinefs of thefe bankers was, 
 the exchange of bills for money, whether 
 thofe bills were inland, or foreign ; which
 
 HIS OWN BROKER. 207 
 
 exchange, in cafe the bills were inland, was 
 then and is Hill termed, difcounting of 
 bills. But when the bills are foreian, 
 they are called bills of exchange ; becaufe 
 they are current in trade, and as good as 
 cafh ; allowing only the common courfeof 
 exchange betwixt the value of fpecie in the 
 different countries, w^here the drawer, and 
 the perfon drawn upon relide ; and bankers 
 being fuppofed to have a general corre- 
 fpondence in the commercial world, bills 
 of exchange pafling from one nation to 
 another, moil properly fall under their 
 cognizance, as being the moft convenient 
 to them, who may frequently have occa- 
 iion to remit money to feveral foreign parts, 
 in the place of which, they can more pro- 
 fitably fubftitute thefe bills of exchange : 
 thus it became moft advantageous for 
 bankers to buy them ; and this branch of 
 trade ftill forms a very confiderable part 
 of the bufinefs of fome bankers. 
 
 Another article they formerly dealt in 
 was, the-buying and felling of bullion, and
 
 2o8 EVERY MAN 
 
 of wrought gold and filver, which I fup- 
 pofe gave rile to the uniting in one fhop, 
 the trade of a goldfmith and banker — for 
 we find mod of the eminent bankers of the 
 laft century were goldfmiths — By the fta- 
 tute of the fixth of William and Mary, 
 the Bank of England (which is no more 
 than a corporation of bankers) amongft 
 other privileges allowed them, are to deal 
 in gold and filver^ and may fell goods 
 pledged to them, if not redeemed in three 
 months. By length of time, and the in- 
 creafe of the national debt, the Bank, as 
 well as private bankers, have changed, 
 or totally laid afide many branches of their 
 bufinefs; and the principal concerns of the 
 Bank at prefent, are, the iiTuing of notes in 
 exchange for fpecie ; the keeping of gen- 
 tlemen and merchants cafh, which they 
 are always ready to deliver on demand ; the 
 aiding and affifling the government in re- 
 ceiving contributions for public fubfcrip- 
 tions ; the keeping of transfer books open, 
 as already mentioned ; and the paying and 
 6
 
 HIS OWN BROKER. 209 
 
 dlftributing the intered of the feveral go- 
 vernment fecuritles. The firfl: of thefe ar- 
 ticles muft greatly enrich the Bank as a 
 corporation ; for thefe notes are now de- 
 fervedly in the fame repute as cafh, in mod 
 parts of Europe, as well as at home; and 
 people often keep them for a long fpace of 
 time, fometimes for years, without ex- 
 changing them ; and even then, they often 
 exchange them with private perfons. — Let 
 lis then fuppofe, that only the amount of 
 50,000!. of thefe notes, do not return into 
 the Bank to be exchanged for fpecie^ in lefs 
 than fix months after they are iiTued, the 
 Bank, in this interim, may make a very 
 confiderable advantage of the cafii origin- 
 ally paid in for thefe notes, and this forms 
 a part of their profits ; to which muft be 
 added, dlfcounting of bills, by which the 
 Bank of England renders the moft eflential 
 fervice to the merchants and reputable 
 tradefmen of London, and, through their 
 means, to the commercial intereft of the 
 whole kingdom.
 
 210 EVERY MAN 
 
 Confiderable gains likewifc arife from 
 cafh left in their hands on open accounts ; 
 and from the fums allowed by governn-^ent 
 for the direction and management of the 
 public funds, and occafional loans to the 
 government. 
 
 It is not, however, my defign to make 
 any calculation of thefe profits, which they 
 merit, were they ever fo great ; for I 
 think I may venture to fay (without being 
 charged with partiality as an Englifhman) 
 that the Bank of England is the bell 
 bank in Europe ; and that no words can 
 fufficiently exprefs the juft applaufe, which 
 gratitude requires us to beftow on the pru- 
 dence, difcernment, and integrity of its di- 
 redlors. My reafon for explaining the pro- 
 fits arilingfrom theilTuingof notes forcalh, 
 is only to Ihew that thefe profits have indu- 
 ced private people to endeavour to put their 
 notes upon the fame footing ; fo that one 
 part of thebufinefs of private bankers is, to 
 deliver out their notes for cafh ; and from 
 this arifes part of their fubfiltencei for
 
 HIS OWN BROKER, an 
 
 while thefe notes remain in particular 
 liands, or can be circulated fo as» not to 
 return home for whole months together, 
 the bankers enjoy the fame privilege and 
 profit as the Bank, in proportion to the 
 notes they iiTae.— The fame profits arife 
 from keeping people's cafh. I have often 
 been afked how a banker can find his ac- 
 count in permitting a broker to put his 
 money into his hands, perhaps on a Satur- 
 day afternoon, and to draw it out on the 
 Monday morning following, fince there is 
 a certain expence, and lofs of time with- 
 out any apparent profit ? In anfwer to 
 which, let it be obferved, that bankers do 
 not in general confider the profit they gain 
 on the account of any individual, but the 
 gain upon the whole. — So that fuppofing 
 a banker receives in any one day 6o,oooL 
 and is drawn upon only for 20,oool. the 
 balance of calh remaining in his hands at 
 five in the afternoon (the time they fhue 
 up) is 40,oool. and a broker's loool. con* 
 tributes, as much as a gentleman's, to the
 
 212 EVERY MAN 
 
 forming this balance, which a fkilful ban- 
 ker will know how to employ to advan- 
 tage, if he has it only one day in his 
 hands; but if, upon an average, a banker 
 has 20o,oool. in his hands, more than is 
 called for, for weeks together, it is eafy to 
 conceive, that fuch a man will foon get 
 rich. — Another, and perhaps as confider- 
 able, a branch of bufmefs as any, amongft 
 the bankers near the Alley is, the taking in 
 various kinds of papers in pawn. — Such as 
 Scrip. Omnium, Long annuities, &c; — But 
 this part of their traffic will take up too 
 much room fully to unravel in this little 
 work ; I Ihall therefore make only one re- 
 mark, which is, that it is impoilible to 
 diftinguifh which are the moft ufeful to 
 each other ; the brokers to fome of the 
 bankers near the Alley, or thefe bankers 
 to the brokers. 
 
 Of the nature of the Sinking Fund, I 
 fliall endeavour to give as concife and clear 
 an idea as poflible.
 
 HIS OWN BROKER. 213 
 
 Subsidies and taxes of various kinds 
 conflitute the funds, on the credit of 
 which immenfe fums have been borrowed, 
 on condition that the capital fhall not be 
 demandable, but that a certain proportional 
 part of the fum fhall be annually paid, 
 either as interefl for the whole, or in cx- 
 tindtion of part of the capital ; when the 
 fum annually paid, is no more than the in- 
 tered agreed on for the loan of the princi- 
 pal fum, it is {lyled a perpetual annuity ; 
 when it exceeds the intereiT, and is de- 
 iigned to extinguiHi by partial payments 
 both principal and intereft, it is called a 
 determinate annuity, and is granted either 
 for life, or for a term of years. 
 
 All fums of money that have at any 
 time been railed by authority of parliament 
 for the public fervice, are to be confi- 
 dered as national debts contracted on the 
 credit of fome certain tax; various inte- 
 refts for which debts are annually paying 
 to the public ; and will continue to be 
 fo paid, till the faid debts are redeemed.
 
 ^14 EVERY MAN 
 
 or paid off, by the fame authority by 
 which they were contradied : and to fe- 
 cure the payment of the faid intereil, the 
 moneys arifing from feveral duties, and 
 cuftoms payable into the king's Exche- 
 quer, have been from time to time appro- 
 priated : thus we find in the reigns of 
 King William, Queen Anne, and George I. 
 the duties on coffee, malt, he. Sec, appro- 
 priated to the payment of life annuities, 
 annuities certain, and annuities arifing 
 from lottery tickets. 
 
 The funding fcheme commenced foon 
 after the Revolution, and has hitherto an- 
 fwered the purpofe for which it was com- 
 menced ; the providing for the exigencies 
 of the flate in time of war, without theleaft 
 impeachment or diminution of its credit ; 
 by fupplying the place of amalfed trea- 
 fures, which were the refources of former 
 times, for the extraordinary emergencies 
 of great nations. 
 
 Experience has fliewn that taxes pru- 
 dently laid on fuch articles as could well
 
 HIS OWN BROKER. 215 
 
 fupport the weight of them have produced 
 confiderable furpluffcs ; that is to fay, they 
 have become rtiore than the abfolute fecu- 
 rlty engaged for, and have thereby induced 
 foreigners, as well as natives, to advance 
 their money on fo fafe a footing. 
 
 Thefe taxes, thus made a fecurity to the 
 public for the loan of money, have always 
 been deemed equal, if not fuperior, to 
 mortgages on land ; and may therefore, 
 in this fenfe, with the greateil propriety, 
 be called funds. 
 
 In our flatutes, fince the Revolution, 
 various funds are fpecified ; fuch as the 
 Eafl-India, South-Sea, Aggregate or Ge- 
 neral Fund, and theSinkingFund, When- 
 ever the word Fund is applied to either the 
 Eail India, or South-Sea company, it 
 means their Stock or Capital*, or fuch du- 
 ties and articles of the public revenues as 
 are appropriated to pay the intereft due 
 
 * The words Fund, Stock, Capital, or Prin- 
 cipal, are generally lafed at prefent, as fynonymou? 
 terms.
 
 ai6 EVERY MAN 
 
 on fuch flocks till redeemed by par- 
 liament. 
 
 The Aggregate fund, fo called from 
 its being a collecflion of many things in- 
 corporated into one mafs or body, com- 
 prehends not only the feveral rates and 
 duties referved to pay and fatisfy the in- 
 tereft due on the funds at the Bank, IndLi, 
 and South-Sea Houfe*, but all the articles 
 of the public revenue in general, except 
 thofe that compofe the king's civil lifl, 
 which are about feventeen in number, con- 
 fifling of tonage and poundage, hereditary 
 or temporary excife, letter m.oney, fines of 
 alienation, feizures, confifcations, proffers, 
 compofitions, &c. — But thefe civil lift ar- 
 ticles are, by an adt of the firfl year of the 
 reign of his prefent majefly, made a part 
 of the Aggregate fund ; in lieu of which 
 his majefly upon his acceflion was gra- 
 cioufly pleafed to accept of the fum of 
 8oo,oool. per annum, and parliament 
 has fince added ioo,oool. more, payable 
 
 * Vide rGco. L
 
 HIS OWN BROKER, ai'; 
 
 quarterly, our of the faid Aggregate Fund, 
 which in fadt is a more certain and a better 
 e-iliablifliment for the civil lift than the ufual 
 regal revenue, arifing out of the peculiar ' 
 articles above fpecified, which never pro- ' 
 duced tfhe fum affigned for the mainte* 
 nance of the dignity of the crown; and in 
 eonfequence of their deficiency, feveralaids/i 
 at fundry times, were granted by parlia--^ 
 ment to his late majeft}^, of ever glorious 
 memory, to make good arrears and defici* 
 encies due to the civil lift account; all 
 which trouble and confuiion' will be pre*;^ 
 vented for the future, by his majefty's ac-i^ 
 cepting a certain annual fum, iiiftead of* 
 the uncertain produce of the articles for* 
 merly appropriated to the purpofe of pay-' 
 ing the civil lift -appointment. 
 
 Whatever furplus remains upon any, or 
 upon all the rates and duties which confti- 
 tute the public revenue, after payment of 
 the intereft they ftand charged with, are 
 carried^toa feparate and ciiftindl account; 
 - L
 
 2i8 EVERY MAN 
 
 or fund, known by the name of the Sink- 
 ing Fund. 
 
 Over and above the furplulTes that have 
 been carried to the Sinking Fund, great ac- 
 ceffion was made to this fund by the reduc- 
 tion of interefl*, on the capital fum of 
 ^57,703,275 : 6 : 4^, which reduction 
 produces annually, a faving to the nation 
 
 of /577P32. 
 
 All the favings and furpluffes were to be 
 referved and kept moil facredly, for the 
 valuable purpofe only of reducing, lefTen- 
 irig, finking (from whence the fund had 
 its name), and paying off gradually the na- 
 tional debt. The iirfl adt, which relates to 
 the application of thefe furpluffes, is, 
 George L anno 1716, at the end of which 
 is this remarkable claufe, which I infert 
 here becaufe it is in reality the original or 
 inftitution of the Sinking Fund. 
 
 " All the monies to arife, from time to 
 *' time, as well of the excefs or furplus of 
 
 J. ' '■ I. ■ 
 
 * Vide 23 Geo. II.
 
 HIS OWN BROKER, iij 
 
 *' an a<fl made this feflion for redeeming 
 ^^ the funds of the Bank of England ; and 
 *^ of the excefs or furplus by virtue of one 
 ^' other adt, made likewife this feflion, for 
 *' redeeming the funds of the South- Sea 
 *' company ; as alfo of the excefs or fur« 
 *^ plus of the duties and revenues by this 
 *^ adt appropriated as aforefaid, and the 
 "*■« overplus monies of the faid general 
 <^ yearly fund by this adt eilablilhed, {hall 
 ** be appropriated to the difcharging the 
 ** principal and interefl of fuch national 
 <f debts as were incurred before the 25th 
 ^^ of December, 1716, and are declared 
 " to be national debts, and are provided 
 " forby pariinmcnt in fuch manner as ^lall 
 <* be directed by any future zd: or ads of 
 " parliament, to be difcharged therewith, 
 " or out of the fame, and to or for none 
 ^* other ufe, intent, or purpofe what- 
 " foevcr," 
 
 Thefe farplufTes of the general fund re- 
 ferred to in this adl are, in all fubfequeat 
 adls, called the Sinking Fund, 
 L 2
 
 2^or EVERY MAN 
 
 In confcquence of thefe ads only three 
 millions of the national debt were paid off ' 
 during the long and peaceable adminiilra- 
 tion of Sir Robert V/alpole; and in pro- 
 cefs of time, this weli-intentioned claufe 
 of theadtjuft recited was evaded; and,' 
 in a word, made of no eifedl by fubfe- 
 quent ads, particularly 3 George 11. 
 ;^i,ico,coowasgrantedoutof the Sinking 
 fund for the fervice of the year 1729; and 
 again 9 George II. ^i,oco,ooo was grant- 
 ed for the fervice of the year 1735; by 
 which adf, fays the in?^enious compiler of 
 the hifiory of our national debts, " the 
 *' Sinking Fund was not only diverted(froni 
 ** the original purport of its inflitution) 
 ^' but it was even anticir'-jcd ; for it was 
 «' ennded, That before' Lady-day, 1736, a 
 <* million fliould be ifTucd out of the fame 
 " for the current fervice, and the growing 
 " produce, after that time, mortgaged 
 ^^ for raifing v.'hat fhould be wanting to 
 ^^ complete that fum, by loans at four per 
 '* cent." But in order to fave appearances,,
 
 HIS OWN BROKER. 221 
 
 whenever any fum was ifflied oiit of this 
 facred Sinking Fund, it was to be replaced 
 out of the next fupplies. This ifTuing and 
 replacing was the general practice^ till the 
 neceflities of the ftate growing more and 
 more urgent, the parliament granted his 
 late majefty feveral fums out of the faid 
 fund, and fometimes enabled him to bor- 
 row a certain fum or fums upon the credit 
 of it ; and in the late war, money was not • 
 only borrowed out of it, but the furplus 
 was likewife made a collateral fecurity to 
 anfwer and fupply all deficiencies of the 
 taxes raifed for the payment! of the intercft 
 due on the national debt. 
 
 And this continues to be the practice in 
 time of war, for we had an inilance fo 
 late as the year 1781, of the fum of 
 190,000!. (gained by the redudiion of 
 18,986,300!. old confolidated 4 per cent, 
 annuities to 3 per cent, purfuant to the 
 original agreement,) having been applied 
 to the fervice of that year. 
 
 L3
 
 222 EVERY MAN 
 
 Thus have I given a fhort account of the 
 nature, ertablifhnienr, and encroachments 
 made on the Sinking Fund ; and I hope 
 what I have wrote on this head will ferve 
 to gratify curiofity, the only point 1 had in 
 view; for the fubjedt does not appear to 
 me of much importance to the public in 
 general, whofe principal concern is, that 
 the payment of the interefl of the money 
 borrowed of them is regular^ and at the 
 fame time well fecured ; and that it is k\ 
 1 hope no Englifhman will doubr, who 
 attentively eonTKlers the flourilhing ftate 
 of our manufadtures and commerce, the 
 true fource of wealth ; and which, while 
 it continues to ilow through fo many chan- 
 nels, from the moft diftant regions of the 
 habitable world, will furnifh us with re- 
 fourccs for the payir>ent of the interefl: of a 
 much larger fum ♦, if it were neceffary to 
 raife it, than the whale of the prefeni: 
 national debts; the amount of which, 
 however, is fo amaxing, and fu ua-
 
 HIS OWN BROKER. 223 
 
 exampled in the hillory of the finances of 
 any nation, ancient or modern, that it 
 ought to find a place in this treatife, as 
 it will ferve, not only as a monument of 
 the powerful credit of the Britifh govern- 
 ment, but will likewife account for the 
 numerous taxes impofed on the prefent 
 inhabitants of Great Britain, which were 
 unknown to their progenitors. 
 
 CHAPTER VIL 
 
 StaU of the National Debt^ Principal and annual 
 Intere/l-^with Remarks, 
 
 THE Commiflioners appointed by the 
 houfe of Commons to examine^ 
 take, and flate, the public accounts, of 
 the kingdom, have pointed out and 
 flrongly recommended the neceffity of 
 making every fubjediin the kingdom well 
 acquainted with the general (late of the 
 public accounts : on the ftrength of fuch 
 powerful authority, I have judged it ex- 
 L4
 
 2n EVERY MAN 
 
 pedient to intrcxluce in this place, a new, 
 feparate chapter upon this important fub- 
 jed-. Aiul that it may appear flill more 
 fatis factory to the reader, it muft be re- 
 marked, that for fome years before the 
 fitting of the Committee, Lord North, 
 for reafoDS beft known to himfelf, had 
 put a flop to the annual publications of 
 the flate of the national debt, which ufed 
 to appear in our news-papers, by enjoin- 
 ing fhe clerks in office not to ifTue copies 
 of any public accounts : thus none but 
 members of parliament knew the general 
 itate of the public finances. The reports 
 of the committee are likewife voluminous 
 and expenfive, which was another induce- 
 ment to infert fuch abftradts from them, 
 as might enrich my little tradt without 
 any additional expence. 
 
 The Comm.iffioners, in their Eleventh 
 Report, obferve, that the national debt is 
 fwelled to a magnitude that requires the 
 united efforts of the ablefl heads and 
 purefl hearts, to fugged the proper and
 
 HIS OWN BROKER. 225 
 
 effectual means of redudlion. The na- 
 tion, they add, " calls for the aid of all 
 its members to co-operate with govern- 
 ment, and to combine in carrying into 
 execution fuch meafures as Ihall be 
 adopted for the attainment of fo indif- 
 penfible an end : this aid the fubjedt is 
 bound to give to the ftate, by every other 
 obligation, as well as by the duty he owes 
 his country ; and, with fuch general aid, 
 the difficulties, great as they appear, 
 will, we trufl, be found not infurmount- 
 able, 
 
 " A plan muil be formed for the je- 
 dudlion of this debt, and that without 
 delay; now in the favourable moments 
 of peace. -The evil does not admit of 
 procraftination, palliatives, or expedients; 
 it pr-cfles on, and mult be met with force 
 and firmnefs. The right of the public 
 creditor to his debt mufl: be oreferved in- 
 violate ; his fecurity reds upon the folid 
 foundation, never to be ihaken, of par- 
 iiamentarv, national faith *—What can. be
 
 1126 EVERY MAN 
 
 done— the fupport of public credit, the 
 prefervation of national honour, and the 
 juftice due to the puhlie creditor, de- 
 mand Ihould be done — it mud be done^ 
 or ferious confequences will enfue. The 
 fubje<fts of this kingdom are opulent, 
 generous, and public fpirited,; let th-e 
 diftreilcs of their country be fairly laid 
 before them,— and they will contribute 
 chearfully and liberally to her relief/* 
 
 In compliance with their advice, wa 
 will now proceed to lay thefe diftrefles 
 before the public -, but we confefs with* 
 out any hopes that the opulent fubje<fVs 
 will contribute liberally to her relief. The 
 miniftry continue purfuing wrong plans, 
 by laying taxes which fall not with pro» 
 portional weight on the opulent fubjedls, 
 whofe opulence mufl be confiderably re- 
 duced, if we expedt to make any capital 
 reduction in the national debt, before the 
 operations of another war interrupt any 
 fylkm of redudion, and raife the annua! 
 intcrefl (the only thing to be feared)
 
 HIS OWN BROKER. 357 
 
 above the poffibility of being regularly 
 paid by the miferable fchemes of taxation 
 now purfuing. 
 
 The principal fums owing to the pub- 
 lic creditors of the nation, and ufually 
 known by the name of the national 
 DEBTj are very properly _ divided into 
 three claifes. The redeemable, and irre- 
 deemable funded debt,, and the unfunded 
 debt. 
 
 The redeemable debt confifls of fuch 
 principal fums, as the legiflature, accord- 
 ing to the conditions fpecified in the fe* 
 veral adts of parliament by which they 
 were created, may redeem or cancel, 
 without the confent of the proprietors of 
 them, upon payment of the faid prin- 
 cipal fums and all rntereft due thereon. 
 The irredeemable debt confifls of certaia 
 annual fums granted for a fixed number 
 of years, which cannot be redeemed with- 
 out the confent of the proprietors. 
 
 An example of each will explain the 
 fubjeft more clearly. The whole, or any 
 L 6
 
 •228 EVERY MAN- 
 
 part of the 3 per cent, confolidated an- 
 .nuities, may be redeemed or cancelled 
 hy paying off any given principal fum, 
 together with the interefl due thereon at 
 the time of making fuch payment. But 
 3ieither the Exchequer annuities granted 
 for lives, with benefit of furvivorfhip, 
 nor the annuities payable at the Bank for 
 a term of years, can be redeemed, unlefs 
 It be by commutation, in paying a cej- 
 tain principal fum, with the confent of 
 the owners, in lieu of the annual an- 
 nuities for -lives, or for a number of 
 years. 
 
 Both thefe claffes of debts are called 
 funded debts, becaufe they have been car- 
 ried to public accounts kept in books for 
 that purpofe, ' are transferable^ and have 
 had funds appropriated by parliament for 
 the payment of all the annuities annually 
 growing due upon them, and from which 
 they are regularly paid, in half-year ijf 
 jay mem t J*
 
 HIS OWN BROKER. 229 
 
 The third clafs, being the unfunded 
 clebt, confifls of a variety of demands 
 upon government remaining undifcharged, 
 but for which certain fecurities have been 
 given by adminiftration, till provifions 
 ihould be made by parliament either to 
 pay them or to pafs them to account in 
 Ibme old, or new created fund. They are 
 debts ufually contracted in time of war, 
 for provifions^ ammunition, and flores 
 furnilhed to our fleets, armies, and. gar- 
 rifons ^ and the fecurities given to th^ 
 €ontrad:ors are known by the names of 
 Navy and Victualling bills. Ordnance 
 debentures, and Exchequer bills, which 
 are iffued by authority of parliament, and 
 thrown into circulation annually^ till paid 
 off, form another branch of the un- 
 funded debt. 
 
 The redeemable ^^^;;vM debt at prefcnt 
 amounts to 226,963,254!. 15s. Ad. -J, and 
 the annual incereft to 7,242,397!. i2S^ 9d. 
 
 The ir redeemable //^/^ic'^ debt amounts 
 |o. the annual fum cf i>309,53al. 8s. 3d:*
 
 ajo EVERY MAN 
 
 which mud be added to the annual inte- 
 refl of the redeemable debt ; as muil alfo 
 the charges for the management of both, 
 amounting to 134,291! 13s. rd. and the 
 fees to the auditors of the Im| refl, which 
 are enormous, and the fees paid at the 
 Treafury and other offices for auditing, 
 paffing, and figning warrants relative to- 
 the faid debts. The whole amounting 
 to the fum of 8,70657921. 9s. id. to be 
 annually drawn from the Inbour and in- 
 dultry of the people by various taxes- 
 But a heavy unfunded debt remains to be 
 combined or united with the zhove funded 
 debt, iince no other means are likely to 
 be found of adjuiling it ; and Mr. Pitt, 
 the miniller of the day, has already begun 
 the operation by funding 6,6oo,oool. of 
 the Navy bills, fince the ftatement of the 
 public accounts in the Appendix to the 
 Eleventh Report of the Gommiflioners,, 
 dated 4th of December, 1783 ; which 
 fum the reader will find I have placed to^ 
 iht account of the principal of the funded
 
 HIS OWN BROKER, zjr 
 
 ^ebt, and have added the intereft to the 
 account of annual intereft on the whole 
 •funded debt.. The unfunded debt is fo 
 complex,- that it cannot be accurately 
 Xlated ; the members in their fpeeches ia 
 parliament differing materivally from each 
 other, and the Commiffioners of Accounts 
 varying again from the flate of it given 
 into parliament by Mr. Pitt, in his budget y 
 or flatement of the public finances for 
 1784. Nor is it to be wondered at, if we 
 advert only to the aukward manner of 
 making up the annual detail of the trea- 
 fury operations, in the budget, contrary 
 to every rule of mercantile book-keepings 
 and: to every rational idea; witnefs one 
 artick in Mr. Pitt's budgets Under the 
 head of Mifcellaneous Services, we find 
 2jOoo,ocol. charged as paid to the Bank 
 of England for the like fum borrowed of 
 the Bank in 1781, for the renewal of 
 their charter; and under the head of 
 Ways and Means, the fame fum is placed 
 to the credit of the account, which is to
 
 tXl'l EVERY MAN 
 
 be underflood thus, — the Treafury have 
 not paid the tzm millmis to the Bank in 
 cafh, but in new Excnequer bills, there- 
 fore the faid fum Hill fubfifls, and makes 
 apart of the unfunded.debt; a mode of 
 fhifting accounts, calculated to perplex 
 the founded judgrnent. After making 
 allowances, however, for this and other 
 articles of mock payment, by the renewal 
 of paper fecurities, which leave the debts 
 in their old flate, I iind, that the mfimded 
 debt amounts to 12,256,541!. i is. 4d. J, 
 and the annual intereil to 312,742!, which 
 fums being added refpedtively ; the prin^ 
 cipal to the principal of th^ funded debt ; 
 and the interefl to the annual interefl of 
 the funded debt ; the total of the na- 
 tional debt will be found to amount to 
 239,219,7961. 7s. 9d. principal; and the 
 annual intereft, together with the charges 
 of management and fees of offices, on 
 the total of this debt, will amount 'to 
 9,019,534!. add to this, 5,000,000 for 
 the peace ellabliihment , that is to lay.
 
 HIS OWN BROKER, 233 
 
 for the ordinary annual expences of the 
 civil and military charges of government; 
 and the total prefents the amazing fum of 
 upvvards o^ fourteen millions to be raifed 
 yearly by taxes already impofed, and 
 others to be levied upon the people in the 
 courfe of the next fellion of parliament-. 
 
 Under thefe extraordinary and unpre- 
 cedented circumflances of the nation, the 
 Commiffioners of Accounts inform us, 
 " that the refources of the country are fo 
 extenfive, fo various, and fo produdlive, 
 that a fpirit of frugality, univerfally dif- 
 fufed and kept alive, cannot but be at- 
 tended with the moft powerful effedts," 
 They advife us, ^' no longer to feek for 
 Ihifts and fubtleties to evade the payment 
 of thofe duties and taxes, which the wif- 
 dom of the legiflature has deemed the 
 moft eligible, and which the neceffities 
 of the ftate fully juilify." But this ad- 
 vice will never be attended to, while it 
 is founded on falfe principles, that is to 
 fay, fo long as the taxes are uncquaj.
 
 234 EVERY MAN 
 
 partial, and oppreffive, which they cer- 
 tainly are at prcfenr. 
 
 But in another part of their report, 
 they throw out a more rational hint, and 
 indeed the only one, that, being adopted, 
 can fave this country from the inevitable 
 ruin, which mufl be the confequence of 
 raifing the annual intereft too high for the 
 abilities of the people ; an event which 
 mufl: take place, if another war fliould 
 break out in lefs than twenty years, and 
 the fame fyftem of finances is invariably 
 purfued, let who will be minifter. 
 
 <^ Every man may dedicate a portion 
 of his income, or fome fhare of his af- 
 fluence, according to his faculties, to this 
 great national objed: — let the produce of 
 fuch a general exertion be wifely directed 
 and faithfully applied, and this Debt, 
 enormous as it is, will begin to melt 
 away." Very true ; and may I be per- 
 mitted to add, that this nation mufl 
 look up to the great and wealthy fubjedVs 
 for falvation ; it cannot be effedled by the
 
 HIS OWN BROKER, ajj 
 
 flow operations of appropriating ofje mi Won 
 annually to the redudtion of tzvo hundred 
 i^nd forty millions. Who does not fee that 
 one year of war, ten years hence, will 
 fwell the account again, beyond the funi 
 reduced ? — No : men whofe incomes and 
 affluence produce from 5 to 50,000!. a 
 year, muft contribute ^i--(?y}y//;/zi according 
 to their faculties, to enable government 
 to buy in large portions of this debt, 
 while it is fo much under par^ that there 
 will be a faving to the nation of upwards 
 of 40 per cent. " Let public benevolence 
 take the lead of private intereil — example 
 may produce much, and muft begin 
 fomewhere," — Thefe are the words of the 
 Commiffioners — and I conclude this chap- 
 ter, by foretelling, that it muft begin with 
 the clafs of men juft mentioned : even if 
 part of the eftates of the great landholders 
 Ihould be fold for the purpofe, they wiil 
 be gainers in the end, by parting with a 
 portion,, to fave the refidue,. from tha^
 
 ;236 EVERY MAN 
 
 total alienation, which is the nfual con- 
 fequence of general revolutions in king- 
 doms, whether euedted by foreign con- 
 queft, or domellic anarchy. 
 
 CHAPTER VIII. 
 
 O/i State Letter les,-^-'u^rgumenis for^ and againj} 
 them, — Advice to adventurers, — Expojure of 
 illegal Schemes, 
 
 A Lottery is a kind of public game 
 at hazard, which had its origin in 
 Italy, as far back as the time of the an- 
 cient Romans, and continues in practice, in 
 that country, in France, Holland, and 
 England, as a mode of raifing money on 
 eafy terms for the fervice of the ilate. 
 All commercial and political writers of re- 
 putation have condemned Lotteries as im- 
 politic, and highly detrimental to trade. 
 Confcientious Divines, Merchants, and 
 Tradefmen of eftablilhed credit in every
 
 HIS OWN BROKER. 237^ 
 
 age, and in every country where they have> 
 been countenanced, have publicly pro- 
 tefled againil them. 
 
 In juflice therefore to the wifdom and 
 integrity of thefe men, we.lhall ftate the 
 principles upon which, they- found their ob- • 
 jedlions to State Lotteries. Divines and 
 able politicians maintain, that they up- 
 hold the fpirit of gaming in a nation, and 
 occalion a general depravity of morals, by 
 corrupting; and; vitiating the minds of the 
 mais of the people, who, allured by the: 
 falfe hope of becoming fpeedily rich, and 
 the example exhibited of feme, who have 
 occaiionally become fo, are feduced from, 
 honed labour and induftrjv to turn adven- 
 turers ; to lofe a great deal of time in 
 watching the fate of their adventures, and; 
 thereby co become poor and indigent. 
 
 Merchants and tradefmen fay, that they", 
 occaiion bankruptcies and Subordinate fai- 
 lures, in every commercial flate where they 
 are frequent. The wholefale tradefman, 
 indead of paying his debts in due time to 
 6
 
 ftjS EVERY MAN 
 
 the merchant, rifks confiderable fums in 
 the lotte-ry, in hopes of gaining a capital 
 prize, which will pay all his debts at once, 
 and raife him to a Hate of independence. 
 
 The retail ihopkeeper finds his book 
 debts increafe, and his ready money cuf- 
 tomers diminifh, becaufe fervants, and 
 people in the middle and lower ranks of 
 life, carry the produce of their labour and 
 induftry to the lottery-offices, inftead of 
 expending it to purchafe the neceffaries 
 and conveniencies of life. The crouds 
 that frequent our lottery-offices a fhort time 
 before, and during the time of drawing 
 the annual Stzte Lotteries, demonftrate the 
 juflnefs of this complaint. Girls with 
 tattered gowns and cloaks, often without 
 a Ihift under them ; boys without coats ; 
 men, women, and children, with pallid, 
 half-famiihed countenances, may be fcen 
 in many of them every evening ; to ufe 
 their own vulgar, but expreffive Ian* 
 guage, " flinging away good money 
 after bad." 2
 
 HIS OWN BROKER. 239 
 
 The corporation of London, at various 
 periods, have petitioned the king and the 
 parliament againft frequent State Lot- 
 teries, and fometimes with fuccefs. But 
 of late years, they have been annual, in 
 time of war, and the alterations in the 
 fchemes have proceeded from bad to 
 worfe, increafing the means of gambling, 
 facilitating it more and more, and thereby 
 vitiating in a greater degree the morals of 
 the people, befides impoverifhing them ; 
 and all this, without anfwering one bene- 
 ficial purpofe to government, which was 
 not obtained by Lotteries upon the old 
 plan. 
 
 But before we enter upon a difcuflion of 
 the difference between the prefent and the 
 former Lottery fyftems, it w^ill be proper 
 to lay before the public, all that our mi- 
 niilers of the finances, from Sir Robert 
 Walpolc to Lord North, could or can ad- 
 vance in favour of State Lotteries. 
 
 In time of war, when the value of mo- 
 ney rifes in proportioi to the neceflities of
 
 a^o EVERY MAN 
 
 the State, government by means of Lot- 
 teries are enabled to keep down the rate 
 of intered, and by borrowing money at 
 lower intered, than they could poffibly 
 obtain it, without the affiftance of Lot- 
 teries, do not contract fo large a debt, to 
 be entailed upon pofterity for the pay- 
 ment of the annual interefl of the large 
 principal fums raifed every year. 
 
 If by ifluing a ticket (for which go- 
 vernment is paid lol.) to a fubfcriber of 
 lool. to any loan, for which ticket adven- 
 turers in the Lottery will be induced to 
 give 14 or 15I. the minifter obtains the 
 loan at one half per cent, lefs, perpetual 
 interefl; a great faving to the nation is 
 eifedted, for which government does not 
 pay a iliilling. 
 
 And as to the adventurers, it being a 
 voluntary adt, which every man has it in' 
 his option to perform or not, no injuftice 
 or opprcffion can be charged upon the in* 
 Hitution of State Lotteries.
 
 HIS OWN BROKER, 241 
 
 In proportion as the premium gained 
 upon tickets, by the fubfcribers to the 
 loans, lowers the rate of interefl for the 
 principal fum raifed, fo does it operate to 
 leiTen the quantum of taxes to be impofed 
 on the people, for the payment of annual 
 interefl (perhaps in perpetuity) on the faid 
 principal fum. 
 
 The money laid out in Lotteries is taken 
 from the purfes of foreigners as well as 
 natives ; it returns into the general cir- 
 culation, and, except incidentally fom^ 
 capital prizes pafs into the hands of fo- 
 reigners not refiding in the Britiih domi- 
 nions, it remains at home. 
 
 With refpedt to the morals of the peo« 
 pie, it is well known that the fyflem of po- 
 licy, in the befl regulated governments, 
 muft occafionally deviate from the diredt 
 line of moral rediitude. 
 
 Finally, as to the complaint of Impo-- 
 
 veriihing fome people, and making others 
 
 bankrupts ; if the ftate is not impo- 
 
 veriihed, by the iofs ©f any valuable 
 
 M
 
 242 EVERY M A N 
 
 branch of its commerce, or by the emiriion 
 of its fpecie to foreign countries never ta 
 return ; it matters not, in the idea of a 
 great Itatefman — whether Peter is poor 
 and Paul rich, or Paul poor and Peter 
 rich, provided both refide in Britain, and 
 that the money that palles from one to 
 the other, is not buried under ground, 
 but thrown into the general circulation. 
 
 Admitting the political truth of thefe 
 propofitions, it mull: ilili be allowed, that 
 State Lotteries are refources, which ought 
 not to be made ufe of when others more 
 eligible can be found ; and that wh«n 
 they are abfolutely necellary, thofe plans 
 or fchemes iliould be preferred, which 
 confine th's public game at hazard within 
 the narroweft poiTible limits, and do the 
 leaft injury to trade. Care fhouid likewife 
 be taken that cidlateral games, partak- 
 ing of the nature, and j)roducing all the 
 bad effctfls of thofe private Lotteries, u hich 
 have been fupprefied by acts of parliament 
 in every reign from the Revolution to the 
 4
 
 HIS OAVxV BROKER. 243 
 
 }>rerent tltnc, iliould not be fet on foot by 
 Lottery-ofiice keepers, upon the bafis of 
 the State Lottery. 
 
 In defiance ot law, and found policy, 
 this is fliil done clandeftinely, and was 
 •the pradice publicly till the year 1782. 
 To expofe the fallacy and deception of 
 thofe illegal games, whether denomi- 
 nated Chances or Policies, and to 
 advife adventurers to follow the regular 
 
 CD 
 
 line of adventuring, under the fandlion 
 and fecuriry of parliament, is the deiign 
 cf this chapter. 
 
 With this view the difference between 
 the old Lottery fchemes and the prefent, 
 which with litcle variation has been the 
 phm for about ten or twelve years pall, 
 muil be briefly ilnted,- 
 
 Upon I he old plans, which prevailed 
 from Sir Robert Walpole*s adminidration 
 to that of the Duke of Grafton, the tickets 
 in the State Lotteries were iiTued at tvii 
 pounds each — and occafionally the fcb- 
 fcription was open to the public at large — 
 U 2
 
 244 EVERY MAN 
 
 The highefl prize was io,oool. and the 
 lowed 2ol. there were from four to fix 
 blanks to one prize, and the blanks en- 
 titled the bearers to live or fix pounds 
 Hock, in three, or four per cent. Bank an- 
 nuities, the value of the blanks and prizes 
 being generally funded. The office- 
 keepers divided the Tickets into Shares 
 snd Chances. Shares entitled the bearers 
 to the proportion they had purchafed of 
 blanks and prizes, chances to prizes only, 
 that is to fay, they had no return if the 
 ticket was drawn a blank. The office- 
 keepers purchafed the blanks and prizes 
 drawn, according to the value of the an- 
 nuities into which they were to be funded ; 
 and this caufed a continuation of other 
 kgal bufinefs, feme months after the 
 drawing was over. 
 
 The tickets according to the advantage 
 or difadvantage of the fcheme, in refpedt to 
 the number of blanks to a prize, and the 
 number of high prizes, generally fold at 
 from II to 12I. before the drawing. 
 
 5
 
 HIS OWN BROKER. 245 
 
 When the ticket fold for iiL and the 
 blank was in titled to 61. in 3 pei* cent, 
 annuities, as the blank, might be fold for 
 5]. I OS. ready money, when 3 per cents* 
 were at col. the adventurer only played 
 at ihh public game of hazard, at the rifk 
 of 5I. I OS. And at the higheft calcula- 
 tion, when tickets were worth 13I. he 
 never flaked more than 7I. los. for a 
 ticket before the drawing. 
 
 But when the Duke of Grafton was the 
 mlnifler of the finances, he brought into 
 cilice with him, the gaming ideas of New- 
 market—all or nothing was the plan, ten 
 thoufand pounds to a man in high life 
 would not re-eflablifh his affairs — but 
 twenty thoufand was an object. 
 
 Inflantly the old Lottery plans were ex- 
 ploded — Two prizes of 20,oocl. each — 
 and four of io,oool. (Inflead oi two) with 
 an increafe of other capital prizes, and no 
 return for a blank, was the new fcheme. 
 The tickets were illued as ufual to fubfcri- 
 bers to the loan for the year 1767, at ten 
 M 3
 
 246 EVERY MAN 
 
 pounds, but they rofe at market to 1 2I. 1 8s. 
 Each adventurer of a whole ticket was then 
 firft fet to gaming for 12I. ]8s. (the price 
 to which tickets rofe, before the drawing) 
 inftead of 6 or 7 guinea?. This firft Lot- 
 tery in which the whole fum paid for a 
 ticket by the adventurer was rifked, was 
 voted by parliament on the i6th of April, 
 1767, and on the i6th of September fol- 
 lowing, Lord North was appointed chan- 
 cellor of the Exchequer : his lordfhip 
 therefore is not the father of this new 
 plan, bat he has miade it his adopted child. 
 For the very next year, the fame fcheme 
 was made part of the ways and means of 
 miHng the fupply. A!i his Lordfhip's 
 Lotteries fince, have followed the fame 
 outline, with fome variations, which fa- 
 vour the holders of tickets and the Lot- 
 tery-office keepers, and expand the fpirit 
 of gaming : fuch are the making the firfl: 
 drawn ticket every day for feventeen days a 
 capital prize of loool. or more, which en- 
 hances the price of tickers, and encourages
 
 HI^ OWN BROKER. 247 
 
 perfons who have drav/n blanks to buy in 
 again. But in return for this, he has efta- 
 blifhed wife regulations for fecuring adven- 
 turers who buy fliares under the regulations 
 of the adt of parliament, which obliges all 
 lottery-ofHce keepers to depofit the tickets 
 they divide into fhares in the Bank, and to 
 have the faid Hiares examined and ftampt, 
 by the proper officers there. None but the 
 ufual divilions of tickets into Halves^ 
 Quarters ^ Eighths, and Sixteenths, (which 
 have been in practice upwards of fift/ 
 years) are fubjedt to the regulations of the 
 adt of parliament. 
 
 All other fubdivifions, or chances, by 
 whatever name they may be defcribed, are 
 neither proteded nor fecured by law. 
 They depend entirely upon the honour 
 of the office-keeper, for there is no law to 
 oblige him to pay the prizes, according 
 to the promifes he publifhes. Befides^ 
 every perfon who games in a Lottery, 
 fhould do it upon the principles of the 
 fmalleft rifk, and the greateft profped of 
 M 4
 
 h8 every man 
 
 gain. By purchafing the regular Ihares 
 of a ticket, thefe principles are obferved ; 
 but in purchafing unfecured, illegal 
 chances and policies, the greateft rifk is 
 run, for the fmallell profped: of gain. 
 
 It is needlefs to enter into arithme- 
 tical calculations to Ihevv the fallacy of 
 all thofe fchemes : inftead of perplexing 
 the reader with them, I Ihall fubjoin ab- 
 flrafe from the adt of parliament conftl- 
 tuting the Lottery for the prefent year, by 
 which it will be apparent to every common 
 capacity, that the fale of any other Ihares, 
 befides thofe authorifed by the faid adt, is 
 illegal, and of courfe, that the adventurer 
 cannot recover his money from the office- 
 keeper, (hould he think proper to refufe 
 payment of any prize, fmall or capital. 
 
 Sect, 39. ** No perfon iliall fell the 
 chance, or chances of any ticket, or any 
 Ihare for any time lefs than the whole time 
 of drawing from the day of fale. 
 
 '* Nor (hail receive any fum of money 
 whatfoever, in confideration for the repay-
 
 HIS OWN BROKER. 249 
 
 ment of any fum, in cafe any ticket Ihall 
 prove fortunate, or in cafe of any chance or 
 event relating to the drawing, either as to 
 time, or its being fortunate. Nor Ihall 
 publifli propofals for the fame, under the 
 penalty of 5001. one half to be paid to 
 the perfon fuing for the fame, the' other 
 moiety to his majefly.** 
 
 Sedt. 47. Confirms the fame, and the 
 fhares into which tickets may be divided 
 are confined by the adt to Halves, Quar- 
 ters, Eighths, and Sixteenths ; fuch, and 
 iVich only will be examined to prevent the 
 miflakes of office-keepers or their clerks, 
 in making them out, and being compared 
 with the original tickets, are ftampt, and 
 the tickets depofited in the Bank for the 
 fecurity of adventurers purchafing fucli 
 fhares. 
 
 Sedt. 56. " Office-keepers felling 
 
 chances or fhares not flampr, are fubjedt 
 
 to a penalty of 50I. one third to be paid 
 
 to the informer, another third to the poor 
 
 M s
 
 25® EVERY MAN 
 
 of the parifl), and the remainder to his 
 majefty." 
 
 Policies or chances therefore cannot b€ 
 fianipr, and thofe who purchafe them game 
 Hiegally, extravagantly, and under the 
 greateft rifk of not beii^g paid the prizes 
 they may draw.
 
 HIS OWN BROKER. 251 
 
 SUPPl^EMENT. 
 
 Rules for judging of the Rife and Fall of the Prices 
 of the public Funds ^ founded on rational Rriri' 
 ciples ; the Refult af clofe Application to the Su5^ 
 jecl. Taken from the Elements of Finances,. 
 
 *' TT is too late to wafle our time in 
 X fpecuhtive enquiries, concerning. 
 the good or bad policy of naturalizing 
 the fyiiem of public credit, now arrived 
 to fuch perfeclion in England. Efta- 
 bliflied as it is, and its national utility 
 having been fo long experienced, it ig 
 become the unqueftionable duty and in- 
 tereft of every man of property in the. 
 kingdom to fupport it. He therefore, 
 who undermines it, in the fmallefl: degree,, 
 by artifice or fraud of any kind, fhould 
 be confidered as an enemy to the welfare. 
 of his country. 
 
 M 6
 
 ^52 EVERY MAN 
 
 " Lei thofe jobbers then^ who contrive 
 to fink the value of the funded property 
 of the kingdom, by cunning devices, be 
 confidered as bandittis of thieves, who live 
 upon the booty they acquire, by plunder- 
 ing thofe^ whofe private occafions oblige 
 them to carry their funds to market, of 
 part of their property : and that you may 
 be enabled to form a juft opinion of the 
 fiu-fluatlons in the funds, and to difcover 
 when thefe public robbers are at work, I 
 will ftate the principal caufes which alone 
 ought to operate any real diminution of the 
 market price at any given time whatever. 
 If no fuch caufes fubfift, be on your 
 guard, and let nothing but extreme necef- 
 iity induce you to fell ; for you may be 
 alTured the bears are lying in wait, to 
 devour your fub fiance. 
 *^ I Ihall divide the chief caufes which 
 naturally contribute to lower the price of 
 the funds, into two clafTes ; thofe which 
 happen in times of war ; and thofe which 
 occur in times of peace.
 
 HIS OWN BROKER. 253 
 
 " With refpedt to the firfl, It has al- 
 ready been noticed, that in proportion as 
 the demands of government increafe, the 
 interefl of money will rife ; and Indivi- 
 duals, from a profpedl of employing their 
 money more advantageoufly in new loans, 
 will fell out of the old funds, efpeclally 
 thofe which bear the lowed intereft. This 
 will happen as early as poffible, becaufe the 
 advantage will be the greater ; therefore, 
 fpeculators will croud to market as foon as 
 they have intelligence of a rupture with 
 any confiderable foreign power, that they 
 may fell before the fall increafes. The dif- 
 ficulty, therefore, will be, to diHinguifli 
 between rumours of war, and the adtual 
 approach of this national calamity ; and 
 there can be no furer guide in this cafe, 
 than an impartial fcrutiny into the political 
 fituation of our country ; the ftate of its 
 commerce, and of its revenues ; the cha- 
 radter of its prince, and his minifters, 
 compared with the fame circumflances in 
 the nation with whom a war is expedted.
 
 254 EVERY MAN 
 
 will, in a great meafure, determine what 
 degree of credit we qught to give to rep jrrs 
 of an unavoidable rupture. 
 
 " In the difpute with Spain, about the 
 feizure of Falkland's Ifland, I had the ho- 
 nour to be confulted by feveral gentlemea 
 of rank and fortune (fome of them foreign- 
 ers) who vvere not in the channel of court 
 intelligence ; and I ventured to aflure 
 them, that, confidering the polirical cir- 
 cumflances of the nation, the objecl: of the 
 negociation was not of confequence fufii- 
 cient to involve us in war; and though 1 
 readily allowed, that to take off the rudder 
 of. a king's (hip, was almoft as great an in- 
 dignity as to flrike the monarch, or his 
 ambaffador, a blow on the face, yet I de- 
 monHrated, to their latisfadiion, that we 
 were not in a condition to go to war for 
 points of honour, or fokly to gratify na- 
 tional refentment. The fame fentiments I 
 repeated publicly in my ledures; and I 
 had the fatisfaCtion to diff.iade ieveral oF
 
 HIS OWN BROKER. 255 
 
 my friends from felling out of the funds 
 upon that occafion. 
 
 *' If the events of war are unfuccefsful, 
 and we lofe valuable fettlements abroad, 
 the funds will fall, from a concurrence of 
 fellers, many of them merchants, who de- 
 pended on remittances from the conquered 
 places, and for want of them are obliged 
 to part with their funded property. The 
 apprchenfion of n;5nre misfortunes will 
 likewife engage oihe-s in the fame mea- 
 fure. 
 
 " Powerful alliances formed againfl the 
 interelt of the kingdom, having a ten- 
 dency to endanger its political exiftence 
 as an Independent flate, will aifect the 
 funds ; for the public defence mufl re- 
 quire unufual fupplies ; which increafmg 
 the value of money, by the great demand 
 for it, will lower the price of the old 
 funds. 
 
 " But an acflual invafion of a foreign 
 enemy is the mofl to be dreaded. For the 
 univerfal panic that fuch an event would
 
 2s6 EVERY MAN 
 
 occafion, no adequate remedy can be pre- 
 fcribed ; becaufe men will naturally make 
 ufe of the liberty this free country gives 
 them, and withdraw their perfons and pro- 
 j^erty, with the utmofl expedition, from 
 the feat of war. The value of the funds, 
 in this cafe, might fink near fifty per cent, 
 in a few days, owing to the vafl concourfe 
 of fellers ; and probably nothing would 
 prevent a total celTation of the market for 
 them, from the want of purchafers, but 
 the patience, fortitude, and difcernment, 
 of a few opulent individuals, who would 
 take this opportunity to buy, actuated 
 chiefly by the hopes of great gain, and, in 
 Ibme meafure, by jufl refled:ions on the 
 uncertain iffues of war; the florm may fub- 
 iide; and public tranquillity being reftored, 
 the funds will recover their full value : be- 
 sides, as members of the community, we 
 mufl fubmit to its fatalities. — If we have 
 .patience, fome would fay, and do not part 
 with our property in the funds, the ilate of 
 affairs may alter^ and we fhall not be lofers :
 
 HIS OWN BROKER. 
 
 257 
 
 others might refledlthat, at fuch a crifis, if 
 they had near and dear conne<£tions which 
 prevented them from leaving the kingdom, 
 they would be fubjed: to the fame inconve- 
 niences with caih by them, if not more 
 than if they remained proprietors of the 
 funds ; for in the time of the great civil 
 war, men were obliged to bury their money 
 and plate, and they generally palled to 
 other poflelTors : the families which con- 
 cealed them, being torn from the place by 
 the H^tld of violence; or the perfon actually 
 depoiiting them, taken off by death. The 
 hiftory of every country, where foreign 
 conquefl, ar inteftine commotions have 
 produced temporary revolutions, furnifhes 
 inftances of treafures concealed, loft, and 
 fometimes not difcovered for ages after 
 thefe e\^ents. 
 
 " Nor would the pofleflbrS of land be in 
 a better fituation than the proprietors of 
 our funds, in cafe of a revolution from 
 either foreign or domeftic caufes ; it being 
 well known, that landed ellates are aU
 
 25S EVERY MAN 
 
 ways bellowed as rewards on the victorious 
 chiefs. 
 
 " I am, therefore, clearly of opinion 
 that, even in times of public diflrefs, 
 ihonld every thins; feem to threaten a dif- 
 folution of government, funded property 
 is the lafl to be parted with. 
 
 ^' I know of no events, in the courfe of 
 human affairs, beiides thofe already men- 
 tioned, which ought to affedl the value of 
 the funds in times of war, fo, as to lower 
 the current price confiderably. But fev-eral 
 circum [lances may contribute to advance 
 it ; fuch as fignal fuccefles, the return of 
 great treafures taken from the enemy, and 
 the approach of peace. The two firfl, 
 however, are only to be confidered as ad- 
 ventitious events ; a reverfe of fortune, or 
 an extra-demand for money, may, in a 
 few months, reduce the enhanced value : 
 but the laft, is a fufficient caufe for a gra- 
 dual rife, in proportion as the value of 
 money diminiflies, from the great demand 
 for it ceafing.
 
 'HIS OWN BROKER. 259 
 
 ** Let me now flate the principal cir- 
 cumftances which ought to have any con- 
 iiderable influence on the funds in time 
 of peace; and give me leave to premife, 
 that when the nation enjoys perfect tran- 
 quillity, when there is no fudden large 
 demand for money, nor any confiderable 
 fums in fpecie poured into the kingdom, 
 no variation beyond two per cent, in the 
 price of the funds ought to take place; 
 if it does, independent of the following 
 caufes, be affured it is artificial, and a 
 trick of the alley. 
 
 ^« Orders from foreigners to veft very 
 confiderable fums In the funds, at any 
 Hated time. 
 
 *^ The return of great wealth, derived 
 from our Afiatic commerce and territorial 
 jurifdidlion ; or of immenfe fortunes ac- 
 quired by individuals, in the adminii^ra- 
 tion of the Company's affairs in India, 
 
 *^ A fleady, judicious, uncorrupt, and 
 ccconomical adminiftration of the revenues 
 of the kingdom ; a general good under-
 
 a6a EVERY MAN 
 
 flanding between every branch of govern- 
 menc and the people; with a profpcdt of 
 •the duration of peace, and of fuch a mi- 
 ni dry, fo that the value of money muft 
 fall daily : thefeare the chief events which 
 iriaj^make the funds rife confiderably from 
 the concourfe of purchafers, who will find 
 no other channels open for employing 
 their money, to equal advantage. 
 ^yif'.The funds are equally liable to fink 
 confiderably beneath the market price, 
 if any of the follov/ing unhappy occur- 
 rences difturb the peace and fecurity of 
 the kingdom 
 
 " The dangerous iilnefs, or fudden 
 death,' of the reigning prince, 
 
 " A difunion of any of the branches of 
 the three eflates of the kingdom* 
 
 " The advancement, to the highefi: 
 oflices in the ftate, of men of weak minds, 
 corrupt hearts, and debauched manners. 
 ' *' A general miftruH and want of mutual 
 confidence between adminiftration and the 
 public at large ; caufing mutual complaints
 
 HIS OWN BROKER. 261 
 
 and reproaches, and engendering parties 
 and divifions, which tend to tumults, 
 popular infurredtions, and civil wars. 
 
 ^' A ftagnation, or confiderable failure 
 of private credit; and earthquakes, inun-- 
 dations, or fires deflroying any part of our 
 commercial fettlemenis,by which our mer- 
 chants at home are fo diftreffed for want of 
 remittances, that they are obliged to part 
 with their property in the funds, to fupply 
 the defefts. 
 
 '« Laftly, a dearth of provifions, or the 
 plague ; both of which would caufe confi- 
 derable migrations of independent people 
 of property. 
 
 " If any other contingent public cala- 
 mities fhould hereafter occur to the minds 
 of any future proprietors of the funds, let 
 them ufe their own difcretion in applying 
 them : at prefent, I fhall only lay down 
 one general rule for the condudt of thofe 
 who are, and of thofe who may be dif- 
 pofed to become, proprietors in the 
 funds.
 
 26t EVERY MAN 
 
 '' Watch attentively the real value of 
 money ; I mean, what intercft it will bear 
 on the belt landed fccurity in the king- 
 dom : and if you find, by examining the 
 table annexed, and comparing it with 
 the prices of the feveral funds publilhed 
 daily, that moft of the faid funds are 
 rsther under the par of the general rate of 
 intereil'-, let thofe who have proj^erty 
 veftcd in them, avoid felling out, and 
 thofe who wifli to purchafe, lofe nj 
 time. 
 
 " In a word, 1 cannot too flrongly cau- 
 tion my fellow citizens againfl idle ru- 
 mours on the itate of public aff-iirs at 
 home or abroad, nor too otten enforce this 
 obfervation : ^^ That the jobbing brokers, 
 
 ''*■ Needy people will always offer premiunis in 
 proportion to their diitrels ; therefore, mortgages 
 m:iy be had at five per ccnr. uhen money is worth 
 only four. But we are to rcafon upon calcuJations 
 of general contracts, made in the oper. market for 
 very large funis.
 
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 3 3< 4 
 
 dpTiencp 
 
 1 u>3% 
 f 66 -^a 
 
 1 
 7. 
 
 58 k 
 6o 
 
 68^ 
 
 70- 
 
 7 
 8 
 
 6/^ 
 63 
 
 7/t 
 73^ 
 
 8 
 8 
 
 64-^^ 
 66 
 
 75X 
 77 
 
 8. 
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 fi7^ 
 
 78t 
 
 o
 
 ^4. Tabi.£ of EqirjiTIo^ 
 
 rV^J^feW <u.c^c ^■c^., /^. »,A<^^ x.«^,per Cent VV*^ 
 
 ^ ES:PJLA.]yATIOTf. 
 
 (lnnutdrj^^d,a/r S7,jhi/ u /n ^,i,/,f/in/-tymiMf^'vf S7L.fi>J,ur- 
 cAaje./OOZ.m diU^l4fi>/ ^a^J /^'a/-BANK STOCK /r/i. fir // ^, 
 
 ^o fynoa^ /Am, Uf&K' t/n t/i^ fii^ ^Uf^mn .c/mtftfrtitta /A* 3Jur 
 C>nl> f, S7. a^^/Aen, m Co/Sim^ff ofde ,,am4'/,aJ>aa-/ ^« ^ 
 ■■'Aeiej^cu a/i/lfirij ma/^3/ur fm/j /iiiuAM)SatS7/m)e/jin- S.S.3 
 <M- ffnnam. Mf*v^ /Mci /o Co/umn 6'/ir'il&a-KAT/evr^ an(f 
 
 ■rrt/A Kn/i, 7^1 1 
 
 /ler ffnnum. Mf*vao /md /o Co/umn 6' /ir 'il&a-KAi 
 <'767.Mar,A;/^r7l-„.^,rA -' - ' 
 
 uenMy./Af/,t,^t if//,/,/ .//„r/- ,„ //i^Ay.r,.,.,., I
 
 HIS OWN BROKER. 263 
 
 '* and their principals, the whole body 
 ^' of jobbers, niuit live ; and as their fub- 
 " fiftence depends on your falle hopes and 
 *' fears, they mufl form interefied fchemes 
 " to deceive you, or ftarve ; for frequent 
 *' variations in the prices of the funds, 
 ^' are their proper aliirieni." 
 
 FINIS.
 
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